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Lucid just raised a cool $1.5 billion.
A massive chunk of the investment in the electric automaker came from the Saudi government, as CNBC points out. The company says it’ll use it for “general corporate purposes.”
That extra cash will likely be helpful as the company expands its automotive lineup with an SUV and even higher-end sedan trims. It also gives the company extra runway to ramp up production — Lucid says it’s on track to build around 6,000 to 7,000 cars this year, compared to its original estimate of 20,000.
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