"Lucid has tapped a new CEO and secured a $550 million investment from the Saudi Arabian Public Investment Fund, along with a $200 million investment from Uber. This funding is crucial for Lucid to survive until it can launch its more mainstream products, the Cosmos and Earth."
"Slate announced a $650 million Series C funding round anchored by TWG Global, which will help ensure that its $25,000 electric pickup truck can make it to market. The truck will be a bare-bones model, catering to consumers who prefer a simpler option."
Rivian, Lucid, and Slate are under pressure to launch crucial products and achieve profitability this year. Lucid has appointed a new CEO and secured $550 million from its majority owner, the Saudi Arabian Public Investment Fund, along with a $200 million investment from Uber. This funding will support the launch of new vehicles, including the Cosmos and Earth. Slate has also raised $650 million to bring its $25,000 electric pickup truck to market, focusing on a bare-bones design to attract consumers.
Read at insideevs.com
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