Saudi prince buys 5% stake in Lucid Motors

Prince Al Waleed bin Talal disclosed a stake of just over 19 million Lucid Motors shares, or about 5% of the company.

The move increases the Saudi royal family's exposure to Lucid, alongside existing backing tied to Saudi Arabia's Public Investment Fund.

The filing comes after Lucid denied bankruptcy and take-private rumors and as the EV maker undergoes restructuring under CEO Silvio Napoli.

The purchase underscores continued Saudi support for Lucid as it tries to recover from weak demand and investor concerns.