Aug 5 (Reuters) - Lucid Group ( LCID ) said on Monday

its largest shareholder, Saudi Arabia's Public Investment Fund,

will inject $1.5 billion in cash, as the electric vehicle maker

looks to add new models to its product line.

The EV maker's shares, which closed down 3.9%, were up about

3% in extended trading.

The deal comes just ahead of Lucid's planned production of

its much-awaited Gravity SUV later this year and keeps the EV

maker sufficiently funded till the fourth quarter of 2025.

Ayar Third Investment, an affiliate of PIF, has agreed to

buy $750 million worth of convertible preferred stock and

provide a similar amount as a credit line.

The company also reported second-quarter revenue above

analysts' estimates as price cuts helped drive higher sales of

its luxury electric sedans during the April-June period.

In February, Lucid cut prices of its flagship Air sedans by

up to 10% to reignite sales as consumers increasingly opted for

more budget-friendly gasoline-electric hybrid cars in response

to prevailing high interest rates.

Revenue for the second quarter was $200.6 million, compared

with analysts' estimate of $192.1 million, according to LSEG

data.

In the same quarter, the company delivered a record 2,394

vehicles, beating market expectations, while market leader Tesla

reported a smaller-than-expected decline.

Lucid is gearing up to expand its product line with a more

affordable mid-size car expected to roll out in late 2026.

The company posted a net loss of $790.3 million in the June

quarter, compared with a loss of $764.2 million a year earlier.

It ended the second quarter with cash and cash equivalents

of $1.35 billion, compared with $1.37 billion at the end of

2023.

(Reporting by Akash Sriram in Bengaluru; Editing by Anil

D'Silva)