News
Lucid Motors In Difficulty Asks For Reorganization Assistance
The struggling American electric car manufacturer Lucid Motors has hired restructuring consultants to address the company’s problems, insiders told the news agency Bloomberg. Consultancy firm AlixPartners will scrutinize all business units.
The manufacturer wants to make operations more efficient, reduce costs, and introduce a new model in the mid-segment. On Tuesday, Lucid emphatically denied rumors of a possible bankruptcy filing.
The news caused major unrest among investors. Shares of the publicly listed Lucid plummeted more than 17 percent during the final hour of trading on Wall Street on Tuesday. Earlier in the day, the company had even lost more than half of its market value.
The manufacturer is heavily dependent on the Public Investment Fund of Saudi Arabia, the company’s largest shareholder, for the financing of its activities.
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