Lucid Group Inc (NASDAQ:LCID) shares are trading higher Tuesday after the company reported second-quarter financial results and announced a $1.5 billion commitment from the Public Investment Fund (PIF).

What Happened: Lucid reported second-quarter revenue of $200.6 million, beating average analyst estimates of $192.059 million, according to Benzinga Pro. The company reported an adjusted loss of 29 cents per share, missing estimates for a loss of 26 cents per share.

Lucid said it produced 2,110 vehicles and delivered 2,394 vehicles during the second quarter. The company also reaffirmed expectations to manufacture approximately 9,000 vehicles in 2024.

"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," said Peter Rawlinson, CEO and CTO of Lucid.

Lucid also announced a $1.5 billion commitment from an affiliate of Saudi Arabia's Public Investment Fund (PIF). Ayar Third Investment Company will purchase $750 million of convertible preferred stock via private placement and provide for a $750 million unsecured delayed draw term loan facility.

The company noted that it has not borrowed under the delayed draw term loan facility. Lucid said it had approximately $4.28 billion of total liquidity at quarter's end.

"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," Rawlinson said.

Following the print, Needham analyst Chris Pierce reiterated Lucid with a Hold rating.

LCID Price Action: Lucid shares were up 9.67% at $3.29 at the time of publication, according to Benzinga Pro.

Photo: courtesy of Lucid.