Saudi Arabia's investment fund announced an additional investment of $1.5 billion in the development of Lucid. The money will be spent on the completion of preparations for the production of the Gravity crossover and the subsequent model program.
Lucid is currently developing a new platform that will become the basis for a family of relatively affordable models in the future.
The company expects to release an SUV for less than $50,000, which will compete with models such as the Tesla Model Y. It is expected to be the most popular model of the American brand, and at the same time it will not be produced in the United States, but at a plant in Saudi Arabia, which will be expanded for this purpose.
The Saudis already own 60% of Lucid. Licid's total funding has already reached $8 billion, but so far it has not been successful. The only serial electric car Lucid Air turned out to be too expensive and does not have significant sales volumes.