EV Start-Ups Need Cash. Lucid Is Getting More From Saudi Arabia. [MarketWatch]
Rivian Automotive, Inc. (RIVN)
Company Research
Source: MarketWatch
On Wednesday, Lucid (ticker: LCID) announced financing and incentives for up to $3.4 billion from entities controlled by the Saudi government over the next 15 years to build and operate a manufacturing plant in the country. Investors seem recognize that more cash is a good thing. Lucid stock surged 9.1% in recent trading Thursday. The S&P 500 and Dow Jones Industrial Average were down about 0.8% and 1.2%, respectively. “I'm delighted this brand-new manufacturing facility will come to fruition here in Saudi Arabia,” said Lucid CEO Peter Rawlinson in a company news release. “We are thrilled to be supporting Saudi Arabia in achieving its sustainability goals and net-zero ambitions, as outlined in Saudi Vision 2030 and the Saudi Green Initiative.” Saudi Arabia owns more than 60% of the stock in the EV start-up and has also agreed to purchase up to 100,000 Lucid EVs over the coming 10 years. The plant going up in the country will have an initial capacity to make about 155,000 vehicl
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