​Lucid Shares Soar On New Saudi Lifeline  – Tyler Durden

Lucid Shares Soar On New Saudi Lifeline  An affiliate of Saudi Arabia’s Public Investment Fund has thrown struggling electric car maker Lucid Group a $1.5 billion lifeline (second one of the year). This comes as Lucid prepares to launch its first sport utility vehicle amid a downturn in the EV automotive space.  Lucid revealed it entered into agreements with its majority stockholder, Ayar Third Investment Company, an affiliate of the Saudi PIF, to purchase $750 million of convertible preferred stock through a private placement and provide a $750 million unsecured loan.  Lucid already received $1 billion from Ayar in March. Shortly after, the EV maker announced plans to slash about…  — Continue at ZeroHedge News : Read More