Lucid Group (LCID) shares rose Tuesday after the company posted second-quarter results after the bell Monday and announced $1.5 billion in funding commitments from an affiliate of the 澳洲幸运5官方开奖结果体彩网:Public Investment Funꦗd of Saudi Arabia.

This funding from Ayar Third Investment Co., also Lucid's 澳洲幸运5官方开奖结果体彩网:majority shareholder, will be used to build a factory in Saudi Arabia with the capacity to produce 150,000 vehicles annually, according to a report from Reuters. The funds will also go toward production of the company’s new Gravity SUV, the report said. 

Wider Loss Per Share Than Expected

For the second quarter, Lucid posted revenue of $200.6 million, better than 澳洲幸运5官方开奖结果体彩网:analysts’ expectations, and a loss of 34 cents per share, wider than forecasts, according to Visible Alpha.

"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," 澳洲幸运5官方开奖结果体彩网:Chief Executive Officer (CEO) Peter Rawlinson said in a statement. 

Shares of Lucid gained 13% at open Tuesday, but had given back some of their gains in the early afternoon to stand 6% higher at $3.18. The stock is off about 25% so far in 2024.