The investment comes after speculation that Saudi Arabia may take Lucid Motors private — which the EV maker has denied.
Lucid (LCID) stock was hit with multiple volatility halts and crashed more than 40% on Tuesday after a report claimed the EV maker was weighing Chapter 11 bankruptcy or going private.
Lucid quickly denied the report, calling the speculation “completely…
The company said the “rumors are completely false” after its stock sank more than 50% on a report that it was weighing the option.
The company announced a new slate of executive hires meant to help turn things around, as Gravity SUV sales are not taking off as expected.
Lucid is replacing almost its entire executive team under new CEO Silvio Napoli, bringing in a new CFO, CTO, and three other C-level leaders in a single announcement.
The overhaul lands just over a week after the struggling EV maker cut 18% of its work…
The company is also eliminating a production shift at its Arizona factory to align “production plans with anticipated demand.”
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Lucid Motors pulled its guidance for the year, as it navigates swelling inventory and a company-wide cost-cutting measure.
Hertz is creating a new affiliate company called “Oro Mobility” to provide fleet management solutions “across a range of mobility segments.”
The search for a new CEO, which lasted over a year following the sudden resignation of Peter Rawlinson, is finally over.