:

SAUDI PRINCE TAKES 5% STAKE IN LUCID MOTORS

INDUSTRY DESK1 MIN READ
TUE, JUL 28, 2026

■ AI-SUMMARIZED FROM 1 SOURCE ▸ TIMELINE

A Saudi prince has purchased a 5% stake in Lucid Motors, the luxury electric vehicle maker. The investment follows reports that Saudi Arabia may attempt to take the company private, which Lucid has denied.

The stake acquisition marks continued financial support from Saudi interests in Lucid Motors. The EV manufacturer, which went public via SPAC merger in 2021, has faced production challenges and cash constraints as it ramps up vehicle manufacturing. Lucid rejected speculation that the latest investment signals plans to take the company private. The automaker is currently in early production phases of its Lucid Air sedan and working toward launching additional models. Saudi Arabia's Public Investment Fund (PIF) has been a major backer of Lucid since 2018, holding a substantial ownership stake. The latest purchase by a Saudi prince represents additional confidence in the company's long-term prospects, though Lucid continues to burn through cash while scaling operations. The company faces intense competition in the electric vehicle market from established automakers and startups. Lucid is aiming to reach profitability as production volumes increase.

■ SOURCES

TechCrunch

■ SUMMARY WRITTEN BY AI FROM THE LINKS ABOVE

■ MORE FROM THE BUSINESS DESK

The artificial intelligence investment surge is widening the gap between well-funded venture capital firms and smaller players. Industry leaders from Breakout Ventures, Salesforce Ventures, and Dell Technologies Capital say the concentration of capital is reshaping the startup funding landscape.

5H AGOAI Desk

Uber issued in-line earnings guidance while citing intensifying competition in Brazil as a drag on trip volume, raising fresh concerns about the company's growth trajectory amid the shift toward autonomous vehicles.

8H AGOIndustry Desk

Salesforce has appointed Miguel Milano, its chief revenue officer, to the newly created role of chief operating officer under CEO Marc Benioff. Robin Washington retains her position as chief operating and financial officer.

8H AGOIndustry Desk

Block reported Q2 revenue of $6.62B, exceeding analyst expectations of $6.49B with 9% year-over-year growth. The company raised its full-year gross profit forecast following strong Cash App performance.

8H AGOAI Desk

■ SUBSCRIBE TO THE DAILY BRIEF

ONE EMAIL, 5 STORIES, 06:00 UTC. UNSUBSCRIBE ANYTIME.