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Lucid Motors raises another $1 billion from Saudi Arabia as it searches for luxury EV buyers
Lucid Motors is raising another $1 billion from its biggest financial backer, Saudi Arabia, as it looks to blunt the high costs associated with building
Lucid Motors is raising another $1 billion from its biggest financial backer, Saudi Arabia, as it looks to blunt the high costs associated with building and selling its luxury electric sedan. The company has struggled to find willing buyers for its expensive Air sedan, and has cut prices multiple times in recent months in an effort to boost sales. Lucid announced the investment less than three weeks after CEO Peter Rawlinson told the Financial Times that he was wary of relying too heavily on Saudi Arabia to keep shoveling money into its proverbial furnace.
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