Lucid Electric car on display at the Electric Vehicle Innovation Summit held at ADNEC in Abu Dhabi. Pawan Singh / The NationalInfoSaudi investor has acquired a 5 per cent stake in the EV maker after the company denied bankruptcy rumoursBloombergJuly 29, 2026
Saudi Prince Alwaleed bin Talal Al Saud acquired a $129.5 million, 5 per cent stake in Lucid Group during a recent decline in the EV maker's share price.
Lucid's shares surged 22 per cent following disclosure of the investment, reaching their highest level since April.
The California-based carmaker had earlier denied bankruptcy rumours, though it confirmed engaging restructuring advisers, triggering a 57 per cent single-session share collapse.
Despite the recovery, Lucid's shares remain down 72 per cent over 12 months, straining its largest shareholder, Saudi Arabia's Public Investment Fund, which holds a 45.4 per cent stake.
