Prince Al Waleed bin Talal Al Saud has purchased a 5% stake in Lucid Motors, adding to Saudi Arabia’s ownership of the electric vehicle maker.
A new filing with the U.S. Securities and Exchange Commission shows that the prince recently acquired slightly more than 19 million shares. He said on X that the investment was made through his investment office when Lucid’s market value was below $2B.
The purchase came on July 14, shortly after a report suggested Lucid could seek bankruptcy protection or be taken private by Saudi Arabia’s Public Investment Fund (PIF). Lucid denied the report, and its share price later recovered.
“We don’t comment on individual investments, but we are aware and appreciate the independent vote of confidence,” Lucid chief communications officer Nick Twork told TechCrunch.
The investment arrives as Lucid undergoes restructuring under newly appointed CEO Silvio Napoli, who cut 18% of the workforce in June after another major round of layoffs earlier this year.
PIF has owned roughly 60% of Lucid since 2021, when the company went public through a merger with a special purpose acquisition company that raised $4B. Saudi Arabia has continued supporting the EV maker through share purchases and loans as it works to reach more mass-market buyers.
Source: TechCrunch
