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Rivian and Lucid are still burning a lot of cash, but thankfully, they have rich backers
Surviving the valley of death with the help of rich friends.
And Lucid has Saudi Arabia’s Public Investment Fund, a majority shareholder, which said it would pump an additional $1.5 billion into the luxury EV firm to help extend its lifespan. With no gas or hybrid vehicle sales on which to fall back on, Rivian and Lucid are feeling the pinch of cooling EV demand much more acutely than any of their rivals in the legacy auto industry. But until then, they are stuck in the so-called “EV valley of death,” in which they have scaled up production but aren’t bringing in enough revenue to cover operational costs.
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