The oil-rich nation has invested roughly $8 billion into the marque over recent years. Saudi Arabia owns roughly 60% of Lucid, and the carmaker is building a factory in the country. Lucid's planned third model, a mass-market EV, will be made in the Saudi plant. The Saudi Arabia Public Investment Fund is investing an additional $1.5 billion into Lucid, giving the electric car manufacturer vital money to fund ongoing capital expenditures and working capital.
While the Air has proven to be one of the finest luxury sedans on the market and is loaded with innovative features and technologies, it remains a premium offering and has not sold in significant numbers. Lucid is hopeful that its upcoming Gravity SUV will contribute to a jump in total sales and is currently preparing its factory in Arizona to begin production of the new model. However, Lucid’s most important model is due to arrive in late 2026.