Posted 4/3/2024, 7:01:13 PM
Lucid Motors Gets $1B Saudi Lifeline But Struggles to Find Luxury EV Buyers
- Saudi Public Investment Fund (PIF) recently invested another $1 billion in struggling electric vehicle maker Lucid Motors, boosting their stake to 60%
- Lucid lost $2.8 billion in 2023 and ended the year with only $1.4 billion in cash remaining
- Lucid struggling to find buyers for its luxury EVs, which are more expensive than competitors like Tesla
- Price cuts on Lucid's vehicles failing to attract new wealthy customers
- Lucid CEO wary of over-relying on Saudi funding to stay afloat long-term, needs to boost sales