Fisker Nears Bankruptcy, Lucid Secures Saudi Investment

As the EV market contends with sluggish demand, Fisker's financial woes deepen while Lucid receives a financial boost.

Fisker's stock drops to 8 cents per share, signaling potential bankruptcy as it fails to secure a crucial deal with another automaker.
Lucid Group receives a $1 billion investment from an affiliate of the Saudi Public Investment Fund, providing a significant financial lifeline.
The EV market faces challenges with sluggish demand and intense competition, especially from Chinese manufacturers.
Lucid plans to launch its electric SUV, the Gravity, in 2025, amid financial struggles and a cautious approach to relying on Saudi investments.
Fisker explores strategic alternatives, including Chapter 11 bankruptcy, after a series of poor decisions and financial missteps.