Lucid Motors receives $1.5 billion investment to accelerate development of Gravity SUV

Electric vehicle startup Lucid Motors recently announced that it has received a $1.5 billion cash injection from a subsidiary of Saudi Arabia's Public Investment Fund (PIF). The funds will help Lucid advance its Gravity SUV development and listing plans. Although Lucid's Air sedan sales performance is impressive, its sales are still not enough to cover its huge costs. Therefore, the injection of new funds is crucial for Lucid.