The move comes as Lucid undergoes restructuring and cost cuts amid steep valuation losses and ongoing profitability challenges.Saudi billionaire Prince Alwaleed bin Talal Al Saud has taken a 5 per cent stake in Lucid, according to a regulatory filing on Tuesday. Shares of the company closed up over 21 per cent, and were down 3.4 per cent in extended trading.
The disclosure comes weeks after the electric-vehicle maker pushed back against speculation about a potential take-private deal or a Chapter 11 bankruptcy filing. Alwaleed owns about 19.5 million shares, amounting to a $126.83 million stake in the company, based on its last closing price of $6.50.
Lucid’s shares have lost about 97 per cent of their value since the company went public, as it has struggled to turn a profit nearly five years after its market debut.
The EV maker has been undergoing broad restructuring under CEO Silvio Napoli, who took over in June, and named Alexander De Bock as its new finance chief earlier this month.
Last month, Lucid said it would lay off about 18 per cent of its US workforce, eliminate its chief operating officer role and streamline its leadership structure to reduce costs and improve execution.
