Prince Al Waleed bin Talal Al Saud, a member of the Saudi royal family, bought a 5% stake in Lucid Motors, increasing the Kingdom’s overall ownership of the electric vehicle company. A new filing with the U.S. Securities and Exchange Commission released Tuesday shows the billionaire prince recently purchased just over 19 million shares. In
Lucid Motors denies a report that it is considering filing for Chapter 11 bankruptcy protection. Nick Twork, the company’s director of communications, told TechCrunch in a statement that the “rumors are completely false.” “The company has sufficient liquidity to carry out its operations well into next year, as recently published in its latest quarterly reports,
Lucid Motors’ new CEO continues to restructure the company after announcing hundreds of job cuts last month: The electric vehicle maker said Thursday that its chief financial officer, Taoufiq Boussaid, will leave the company. Boussaid’s pending departure comes amid a flurry of new executive hires aimed at bolstering the company’s leadership as Lucid’s new CEO,