A Saudi prince has purchased a 5% stake in Lucid Motors, the luxury electric vehicle maker. The investment follows reports that Saudi Arabia may attempt to take the company private, which Lucid has denied.
The stake acquisition marks continued financial support from Saudi interests in Lucid Motors. The EV manufacturer, which went public via SPAC merger in 2021, has faced production challenges and cash constraints as it ramps up vehicle manufacturing.
Lucid rejected speculation that the latest investment signals plans to take the company private. The automaker is currently in early production phases of its Lucid Air sedan and working toward launching additional models.
Saudi Arabia's Public Investment Fund (PIF) has been a major backer of Lucid since 2018, holding a substantial ownership stake. The latest purchase by a Saudi prince represents additional confidence in the company's long-term prospects, though Lucid continues to burn through cash while scaling operations.
The company faces intense competition in the electric vehicle market from established automakers and startups. Lucid is aiming to reach profitability as production volumes increase.
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