Lucid Stock Fell to New Low Despite $1 Billion Saudi Investment

Lucid Group


stock continued to slide this week, despite a recent additional investment in the embattled electric-vehicle maker by Public Investment Fund, Saudi Arabia’s sovereign-wealth fund, of nearly $1 billion.

Lucid stock (ticker: LCID) set an intraday low of $6.18 on Tuesday. It’s the lowest shares have traded at since Lucid went public through a merger with a special-purpose acquisition company in July 2021. The stock slide comes as Lucid prepares to launch sales in Europe. Last week, Lucid said it was selling about $1.5 billion of stock, including the private placement of shares to Public Investment Fund, which is the company’s majority shareholder.