Troubled electric vehicle manufacturer Lucid disclosed a short while ago in a filing with the US Securities and Exchange Commission that it had obtained an $800 million loan from Saudi Arabia to help avert imminent bankruptcy.

Saudi Crown Prince Mohammed bin Salman holds a majority stake in the company, which has faced financial difficulties since his investment in 2018, and he has so far been unable to restore it to profitability.

Observers have expressed growing scepticism about the rationale behind Mohammed bin Salman’s continued financial support for the loss-making company, from which he has reportedly not generated any financial return since investing in it. Earlier reports also alleged that Lucid had been used as a cover for illicit financial transactions and cross-border corruption.