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Saudi Funding Supports Lucid Motors' Continued Growth in Tough Electric Car Market, Adds $1 Billion in Stock as Company Struggles to Find Enough Wealthy Buyers
Lucid Group Inc. (NASDAQ:LCID) is off to a rough start in 2024, with shares down more than 341 TP3 T. The good news is that, for now, Lucid can continue to count on the support of its largest investor to support its massive cash burn. A subsidiary of the Saudi Public Investment Fund (PIF) recently announced the purchase of $1 billion of Lucid's convertible preferred stock, providing Lucid with valuable capital and other investors with near-term security as the PIF continues to increase its 60% stake. New $1 billion preferred stock purchase
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