this post was submitted on 06 Aug 2024
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Lucid pumps $1.5B from Saudi wealth fund after CEO warned relying on its 'bottomless wealth' was 'dangerous' | TechCrunch (techcrunch.com)
submitted 6 months ago by GreenEngineering3475 to c/business
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Saudi Arabia is committing even more money to Lucid Motors as the EV startup struggles to erase its losses. Lucid announced Monday as part of its second-quarter earnings report that an affiliate of the Saudi sovereign wealth fund is committing another $1.5 billion, with half coming in the form of a private placement and the other half as a loan facility.

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