It reminds me of Tesla early beginnings

Lucid has been majority-owned by Public Investment Fund, the sovereign wealth fund of Saudi Arabia.

PIF, which owns more than 60% of the company, has agreed to buy 265.7 million shares in a private placement for about $1.8 billion, Lucid said.

Though it burned through around $3.6 billion over the past 12 months, Lucid still has almost $5 billion of cash and similar investments.