Lucid Motors CEO said at the Geneva International Motor Show today that the struggling EV maker and its Saudi backers are “in this together for the long run” and the relationship is like a “marriage,” according to a report in Bloomberg.
CEO Peter Rawlinson also said that “Nobody wants this more than Saudi Arabia,” and indicated the company must raise more money in the future.
“This isn’t just an investment in Lucid; this is investment in their future vision for their next generation of youth,” Rawlinson said. “We are enabling that, and they’re enabling us to do it.”
“Do we need to raise money in the future? Absolutely,” Rawlinson said while declining to discuss options for a next capital raise or details including the size or timing, according to the Bloomberg report.
Lucid raised $3 billion from an offering of common stock and an investment by Saudi Arabia’s Public Investment Fund announced in May of last year.
The PIF owns a roughly 60% stake, according to data compiled by Bloomberg.
