Troubled US electric-car maker Lucid gets $1bn from Saudi fund

Lucid shares rose 8% in New York trade, but have still lost over 25% of their value this year.

The New Lucid Air Sapphire electric car is presented during the press day at the 91th Geneva International Motor Show (GIMS) in Geneva, Switzerland, last February. Picture: Cyril Zingaro/Keystone via AP

Lucid is getting a $1bn cash injection from its biggest investor, an affiliate of Saudi Arabia’s Public Investment Fund, providing the troubled electric-car maker with a much-needed lifeline.

The new financing from Ayar Third Investment will be used in part for capital expenditure and as working capital, the company said.