Saudi prince buys 5% stake in Lucid

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Lucid shares jumped about 20% after a regulatory filing disclosed that Prince Alwaleed bin Talal bought a 5% passive stake, owning 19.51 million Class A shares valued at about $154.2 million based on Lucid's July 28 close of $7.90. The filing noted the stake is passive and separate from the Saudi Public Investment Fund's roughly 56.85% ownership via Ayar Third Investment Company; Uber also remains a shareholder after increasing its investment to $500 million. Lucid produced 4,774 vehicles and delivered 3,953 in Q2, reported higher first-quarter revenue and about $3.2 billion liquidity, and is expanding Saudi manufacturing.

Prince Alwaleed disclosed a 5% passive stake in Lucid.