Lucid Expands Saudi PIF Loan by $1.75 Billion as Q3 Revenue and Loss Miss Estimates

Lucid Group is borrowing more from the people who already own the most of it.

The electric vehicle maker announced Nov. 9 that Saudi Arabia's Public Investment Fund (PIF), its largest shareholder, is expanding a delayed-draw term loan by $1.75 billion. Lucid said the move lifts pro forma liquidity to $3.75 billion, up from $2 billion at the end of the third quarter. The company said the cash should fund operations and key investments through the fourth quarter of 2027.

The quarter behind the loan

The financing landed alongside third-quarter results that fell short of Wall Street's numbers.

Revenue was $350 million. The LSEG consensus was $407 million. That is up about 4% from $336.6 million a year earlier, but well under what analysts wanted.

Loss per share came in at $2.74. Analysts had expected a loss of $2.28.

The net loss narrowed to $830.9 million from $978.4 million a year ago. Gross loss narrowed to $258.3 million. Adjusted EBITDA loss was $726 million, slightly worse than the $717.7 million loss in the third quarter of 2025.

Free cash flow burn fell 30% to $1.04 billion. That is still more than a billion dollars out the door in one quarter.

A new CEO and a reset plan

These are the first quarterly results since Silvio Napoli, who became CEO in June, laid out a restructuring plan. It calls for cost cuts and a $1.4 billion cash flow improvement this year. Lucid says it has already achieved $800 million of that and remains on track for the full target.

The plan also pushed the launch of the midsize vehicle from the end of this year to the second half of 2027. Lucid suspended its financial forecast and a number of targets in May.

"Our transformation is beginning to show progress," Napoli said. "We are acting with urgency, strengthening the fundamentals and driving greater discipline."

Lucid lists four priorities: the cash flow plan, a robotaxi program with Uber and Nuro, a second Saudi factory, and the midsize model.

The Saudi factor

PIF's backing runs deep. Prince Alwaleed bin Talal also holds a stake in Lucid, which is listed on the Nasdaq and already operates a manufacturing facility in Saudi Arabia.

The second plant, Advanced Manufacturing Plant 2 (AMP-2), has entered the final stages of industrialization and commissioning, the company said. Lucid expects to inaugurate it in early 2027.

The skeptical read comes from Dealroom's analysis of the deal. It called the financing "borrowed support, not evidence the business is self-funding." It said the loan buys time for cost and inventory cuts, but that execution and demand remain the key tests after a stretch of weak deliveries and cash-burn concerns.

Lucid's own framing is different. The company says the expanded facility gives it "additional financial flexibility" to keep investing ahead of the midsize launch.

PIF's checkbook is not unlimited everywhere

PIF has not backed every project the same way. Breitbart reported that PIF decided in April to pull out of its financial commitments to LIV Golf, the league it originally funded. LIV attorney Matthew Williams told a bankruptcy court that the debtors are not proceeding with a restructuring plan known as LIV 2.0 and are moving to what he called a "value-maximizing wind-down."

Nothing in the Lucid announcement ties the two situations together. They show that PIF commitments differ by project.

What comes next

Lucid says it will present its midterm plan and targets early next year. Investors will get new guidance for the first time since it was suspended in May.

The nearer test is AMP-2's inauguration in early 2027. After that comes the midsize vehicle, now slated for the second half of 2027. The $3.75 billion in liquidity is meant to last until the fourth quarter of that year, so the company has to start production of that model before the cash runs out.