Charged Up
Saudi Arabia invests another $1 billion in EV start-up Lucid
Shares in Lucid jumped 8% after news that a unit of the Public Investment Fund will buy stock in the car maker
A Lucid Sapphire electric model car at the Geneva International Motor Show. (Photo: Getty Images)
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Less than a month after Lucid’s CEO said the electric car start-up must not rely on the “bottomless wealth” of Saudi Arabia, its biggest backer, the company is raising capital from an affiliate of the kingdom’s Public Investment Fund...