The boss of Lucid Motors said the US electric car start-up must not rely on the “bottomless wealth” of its Saudi Arabian backer as it looks to raise funds over the coming year.
Peter Rawlinson said the company, which is 60 per cent owned by Saudi Arabia’s Public Investment Fund, was “looking at every aspect of cost” as it battles to reduce spending and raise output of its luxury electric cars at its factory in Arizona.
While the business had enough money to last into 2025, he said, it would need to raise funds again. Lucid had $4.78bn of cash at the end of 2023, and is burning “around $1bn a quarter”.
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