04:42 PM EDT, 08/05/2024 (MT Newswires) -- Lucid Group ( LCID ) said it secured $1.5 billion in funding from its majority stockholder Ayar Third Investment, an affiliate of Saudi Arabia's Public Investment Fund.

The funding includes $750 million from the issuance of convertible preferred stock and a $750 million loan facility. Lucid said it will use the proceeds for general corporate purposes.

Lucid also reported a Q2 adjusted loss of $0.29 per share, narrowing from a loss of $0.38 a year earlier.

Analysts surveyed by Capital IQ expected a loss of $0.27.

Revenue in the quarter ended June 30 rose to $200.6 million from $150.9 million a year earlier.

Analysts polled by Capital IQ expected $192.7 million.

Shares of the company rose 15% in recent after-hours trading.

Price: 3.4501, Change: +0.45, Percent Change: +15.00