US-listed Lucid surges over 20% as Saudi prince invests $129.5 million for a 5% stake.

According to market data from BIT (bit.com), U.S. electric vehicle firm Lucid’s stock price surged more than 20% to $7.82. On the news front, Saudi Prince Al-Waleed bin Talal bin Abdulaziz Al Saud purchased approximately 19.5 million Lucid shares for $129.5 million, bringing his stake in the company to 5%. A spokesperson for the prince stated the investment was made after Lucid’s stock had fallen sharply recently. Earlier, Lucid sparked market bankruptcy fears due to cash crunches and ongoing losses. The company later denied the bankruptcy rumors but acknowledged it had hired restructuring advisor AlixPartners, a move that triggered a 57% single-day plunge in its stock price. The Saudi prince’s stake acquisition is viewed by the market as a show of confidence in Lucid’s future, helping alleviate investor concerns about the company’s financial health. However, Lucid still faces challenges including sales growth, profitability, and cash flow pressures.