Saudi Crown Prince MBS' $100 Billion Foreign Investment Quest Falters [Financial Post (Toronto, Ontario, Canada)]
Lucid Group, Inc. (LCID)
Company Research
Source: Financial Post
You can save this article by registering for free here . Or sign-in if you have an account. (Bloomberg) — At a gleaming white hangar on Saudi Arabia's western coast last year, the kingdom's business and political elite gathered to applaud one of Crown Prince Mohammed bin Salman's riskiest bets yet. The first electric cars assembled in Saudi Arabia with Lucid Group Inc. twinkled under factory spotlights, designed to show the world how a kingdom built on oil could draw in foreign capital to become a global hub for the industries of the future. Article content Article content The short-term reality is more complicated. California-based Lucid is increasingly guzzling Saudi money to stay in business. Last week it got a $1 billion cash lifeline from the kingdom, on top of the $5.4 billion Saudi Arabia's Public Investment Fund (PIF) has already pumped in. Lucid, which counts the PIF as its top shareholder, had been held up as an example of foreign firms investing in Saudi Arabia
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LCID
Earnings
- 2/21/24 - Miss
LCID
Sec Filings
- 4/26/24 - Form 4
- 4/26/24 - Form 4
- 4/25/24 - Form DEFA14A
- LCID's page on the SEC website