They’re committed to help us make this change to benefit all mankind. “We have a partnership - which is very aligned - a partnership with the PIF. That’s what I see,” Rawlinson said at the time.

“I think that we can be part of a movement which could catalyze change for good. In fact, during an interview with The Verge last November, Lucid Motors CEO Peter Rawlinson implied that his startup would be able to influence the Kingdom - not the other way around. Tech’s transportation companies keep bending the knee to Saudi Arabia But Lucid Motors has remained partnered with Saudi Arabia ever since, despite the deal not officially being approved by the US government’s Committee on Foreign Investment in the United States until April 2019. Many scheduled attendees of that year’s Future Investment Initiative conference (known as “Davos in the Desert”) backed out. Khashoggi’s death caused some companies like Richard Branson’s Virgin Galactic and Virgin Orbit to walk away from taking the Kingdom’s money or take a second look at the country’s long history of human rights abuses. Saudi Arabia first announced the deal back in September 2018 - just weeks before Saudi Crown Prince Mohammed bin Salman had Washington Post journalist Jamal Khashoggi killed. That said, it remains unclear exactly what kind of voting rights the various shareholders of the company have. Lucid Motors disagrees on the severance side of things, but the company said in response to the email from Coates’ lawyer that it “does not dispute that the financing transaction that closed on or about Apwould appear to constitute a Change of Control.” Wired Middle East previously reported the PIF had taken a 67 percent stake, but the email included in the lawsuit is the first time an acknowledgment from the company has been made public. Green Stock News is not responsible for any gains or losses that result from the opinions expressed in this video or in other investor relations materials that it publishes electronically.Ĭopyright (c) 2022 TheNewswire - All rights reserved.The company’s former finance head is suing over his severance As such, the information should not be construed as advice designed to meet the particular investment needs of any investor. Video content and other materials including web content are based on data obtained from sources we believe to be reliable but are not guaranteed as to accuracy and are not purported to be complete. Green Stock News is not responsible for any losses related to the financial decisions made by you. This content is not financial advice and is for information, education and entertainment purposes only. Shares of Lucid trade on the NASDAQ under the ticker symbol LCID. Reservations for the Air Saphire will open on Tuesday, August 23rd with an MSRP of $249,000.

The company says that it expects to begin production in the first half of 2023 with initial deliveries slated to begin late next year. The company says that the new Sapphire brand will incorporate microjet cooling and wave winding while also benefiting from an upgraded battery system providing for higher power and more precise thermal logic.Įric Bach, SVP of Product and Chief Engineer, Lucid Group commented: 'With three state-of-the-art electric motors- all developed and manufactured in-house- the Lucid Air Sapphire reaches an entirely new level of performance.” Additionally, the vehicle will be able to go from zero to 100 mph in less than four seconds and clock the standing quarter mile in under nine seconds. Lucid says the new Air Sapphire will possess over 1,200 horsepower and accelerate from a standstill to 60 mph in under two seconds. This new model will feature a three-motor powertrain that includes a twin motor rear-drive unit as well as a single motor front-drive unit. Lucid Group (NASDAQ: LCID ) has introduced its all-new performance brand, led by the company’s new ultra-high-performance Air Sapphire.

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