The filing adds personal Saudi backing to an EV maker already supported by the Public Investment Fund, after a selloff tied to bankruptcy concerns that Lucid denied while confirming it hired AlixPartners.
Lucid Group shares rose more than 20% to $7.82 after Saudi Prince Alwaleed bin Talal Al Saud bought about 19.5 million shares for $129.5 million, taking a 5% stake in the electric-vehicle maker. The purchase followed a sharp stock decline tied to bankruptcy concerns, which Lucid denied, while saying it had hired restructuring adviser AlixPartners. The investment adds a prominent individual investor to a shareholder base already anchored by Saudi Arabia’s Public Investment Fund, which has invested more than $9.5 billion in Lucid since 2018 and currently controls about 45.4% of the company’s shares. Its affiliate, Ayar Third Investment Company, also bought an additional $550 million in convertible preferred stock in April 2026. Lucid has been under pressure from heavy losses, cash burn and weak demand for high-priced electric vehicles. The company recently said AlixPartners was brought in to help streamline operations and cut costs rather than to prepare for insolvency, as it works toward launching a new midsize vehicle platform under CEO Silvio Napoli. Prince Alwaleed’s purchase underscores continued Saudi support for Lucid, even as the company’s longer-term outlook remains tied to its restructuring and ability to broaden demand beyond the premium EV segment.