Rivian and Lucid, two US-based electric vehicle (EV) companies, have reported significant losses in their second-quarter earnings. Rivian lost $1.46 billion, while Lucid reported a net loss of $643 million. Despite these losses, both companies have secured significant investments from wealthy backers: Volkswagen has invested up to $5 billion in Rivian, and Saudi Arabia's Public Investment Fund has committed an additional $1.5 billion to Lucid.

Source: https://www.theverge.com/2024/8/8/24215217/rivian-lucid-q2-earnings-ev-investors-vw-saudi-arabia