A new lawsuit against Lucid Motors has revealed that the California EV startup gave up majority ownership to Saudi Arabia in exchange for the Kingdom’s $1 billion investment. Lucid Motors took the deal in 2018 when it was strapped for cash, and it was announced weeks before the assassination of journalist Jamal Khashoggi.
California EV startup Lucid Motors gave up majority ownership to Saudi Arabia’s sovereign wealth fund in exchange for the $1.3 billion investment it closed last year, according to an email from the company’s lawyers that was included in a lawsuit filed on Wednesday. The lawsuit was filed by Lucid Motors’ former head of finance, Doug Coates, who believes he’s entitled to certain severance benefits based on the language of the deal he signed with the company.
“I think that we can be part of a movement which could catalyze change for good. That’s what I see,” Rawlinson said at the time. “We have a partnership — which is very aligned — a partnership with the PIF. It’s a strategic partnership. They’re committed to help us make this change to benefit all mankind. And it will benefit Saudi society.” “Lucid is part of the solution, and not the problem,” he added.
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