Lucid jumps after disclosing earnings, new Saudi PIF investment of $1.5B

Lucid Group (NASDAQ:LCID) announced that it produced 2,110 vehicles in Q2 and delivered 2,394 vehicles. The electric vehicle upstart is still on track for annual production of approximately 9,000 vehicles. Q2 revenue was reported at $200.58 million (+32.9% year-over-year)and the loss from operations was $787.42 million. Non-GAAP adjusted EBITDA was -$647.58 million, vs. -$710.34 million a year ago.

Lucid Group (LCID) also disclosed that it has entered into agreements with an affiliate of the Public Investment Fund to purchase $750 million of convertible preferred stock via private placement, and provide for a $750 million unsecured delayed draw term loan facility, subject to certain terms and conditions. The company has not borrowed under the delayed draw term loan facility. Lucid (LCID) intends to use the proceeds from the private placement and any proceeds from the term loan for general corporate purposes, which may include capital expenditures and working capital.

The electric vehicle maker ended the second quarter with $4.28 billion in total liquidity and said it remains committed to maintaining a healthy balance sheet to execute on its strategic vision. “I’m very encouraged by our sales and market share momentum we’re experiencing, the benefits we’re realizing from our cost optimization programs, and the excitement that’s been building into the Lucid Gravity launch, setting a strong foundation for the rest of the year,” stated Lucid CEO Peter Rawlinson. “The tremendous financial value potential our technology enables is now becoming better recognized, and our achievement of a landmark efficiency of 5.0 miles per kilowatt-hour, ahead of where we anticipated, is a further proof point of our leadership as a technology company,” he added.

Shares of Lucid Group (LCID) jumped 8.98% in postmarket trading, after shedding 4.01% during the regular session.