Lucid's Financial Stability: A Closer Look

Lucid Motors, the electric vehicle manufacturer, has reassured investors about its financial stability, with a two billion dollar credit line from Saudi Arabias Public Investment Fund and refinanced convertible notes. Despite rumors of a potential take-private deal, the companys head of communications, Nick Twork, stated that the Saudi funds interests align with other shareholders. The company expects its new electric SUV, Gravity, to drive production and deliveries in the fourth quarter. However, investors remain cautious due to the companys volatile stock price and recent downgrade from Morgan Stanley, which suggests Lucid might not achieve profitability until 2028.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.