The Saudi Crown Prince, through the Public Investment Fund, has appointed a US consultancy firm to restructure the struggling electric vehicle company Lucid, a move that could lead to the company’s bankruptcy if the restructuring fails.

The appointment of AlixPartners to oversee Lucid’s restructuring led to a sharp decline in the company’s share price, as AlixPartners specialises in attempts to rescue distressed companies and those on the verge of filing for bankruptcy.