Company Insights Lucid Motors Transport Lucid Motors Overview US electric vehicle company Lucid Motors has been majority-owned by the Public Investment Fund, the sovereign wealth fund of Saudi Arabia, since April 2019. Founded in 2007, Lucid was initially focused on battery technology but transitioned into car production and began producing the Lucid Air sedan in September 2021. The Lucid Air is known for its range, which exceeds 500 miles on a single charge. Traded on Nasdaq, Lucid has a factory in Casa Grande, Arizona, and another at King Abdullah Economic City in Jeddah. It also supplies and develops powertrain technology to other vehicle manufacturers, including Aston Martin. Other investors include large index fund managers such as the Vanguard Group, BlackRock and State Street Corporation. Lucid Motors News Exclusive Transport Tesla to enter Saudi Arabia within months Elon Musk’s Tesla is set to launch in Saudi Arabia this quarter, marking its entry into one of the world’s largest oil-producing nations as it continues expanding across the Gulf, sources familiar with the plans told AGBI. The US electric vehicle maker will open sales through pop-up stores and establish a showroom and service centre, […] January 16, 2025 Markets Saudi Arabia’s PIF slashes stake in Amazon Saudi Arabia’s Public Investment Fund (PIF) has sharply reduced its holdings in Amazon, cutting its stake by nearly 80 percent in the latest quarter. The sovereign wealth fund, which manages more than $700 billion in assets, revealed in its latest Securities and Exchange Commission filing this week that it now holds less than 350,000 shares, […] October 3, 2024 Analysis Renewable Energy Lithium’s highs and lows – and what they mean for the Gulf For one of the world’s most critical minerals, the past two years have been the best of times and the worst of times. First, lithium prices shot skywards, hitting around $80,000 per metric tonne in 2022 amid fears that global supply would not meet demand. Then, in just a year, the soft, silvery-white metal lost […] April 12, 2024 Construction Losses narrow for developer of King Abdullah Economic City Emaar the Economic City, the developer of King Abdullah Economic City near Jeddah, narrowed its losses in 2023 as revenue nearly tripled. The developer cut losses to SAR253 million ($67 million) last year from SAR1.2 billion in 2022. Revenue was up 184 percent year on year to more than SAR1 billion in 2023, driven by sales […] April 1, 2024 Finance EV maker Lucid secures $1bn funding from PIF affiliate US electric vehicle manufacturer Lucid will raise $1 billion in capital from an affiliate of Saudi Arabia’s Public Investment Fund. Ayar Third Investment Company will buy $1 billion in convertible preferred stock via private placement, the carmaker said in a statement. “We are extremely pleased to receive this strong, continued support from the PIF, as […] March 26, 2024 Manufacturing Saudi’s Maaden unit strikes deal with EV maker Lucid A subsidiary of the Saudi Arabian Mining Company (Maaden) has signed an agreement to supply aluminium sheets to US electric vehicle maker Lucid Motors. Maaden Rolling Company signed the deal with Lucid – which is 60.2 percent owned by Saudi Arabia’s Public Investment Fund – during the Future Minerals Forum in Riyadh. The deal will […] January 30, 2024 Renewable Energy PIF-backed Eviq plans to deploy 5,000 EV chargers Saudi Arabia has opened its first research and development facility to establish the country’s electric vehicle (EV) fast-charging infrastructure. Electric Vehicle Infrastructure Company (Eviq) – the newly launched joint venture between the Public Investment Fund (PIF) and Saudi Electricity Company – opened the facility in Riyadh. The company is on track to deploy 5,000 chargers […] December 18, 2023 Industry PIF raises stake in Aston Martin to 20.5% Saudi Arabia’s Public Investment Fund (PIF) has increased its stake in Aston Martin to 20.5 percent, according to a regulatory filing on the London Stock Exchange. The fund’s shareholding went up by 2.6 percentage points from 17.9 percent through Lucid Group’s holding, placing PIF ahead of Geely chairman and Chinese entrepreneur Shufu Li on Aston […] November 9, 2023 Industry PIF in talks to invest $250m in Chinese EV company Saudi Arabia’s Public Investment Fund (PIF) is discussing investing $250 million in Chinese electric vehicle (EV) maker Human Horizons Group. The kingdom’s sovereign fund’s investment could potentially value the Shanghai-based company at $3 billion, Bloomberg reported, citing informed sources. An agreement is likely to be reached by the end of the year, but it could […] November 8, 2023 Industry PIF’s $550m Saudi facility to produce Pirelli tyres in 2026 Saudi Arabia’s Public Investment Fund (PIF) has signed a joint venture agreement with Pirelli of Italy to build a tyre manufacturing facility in the kingdom. The Riyadh-headquartered sovereign wealth fund will hold a 75 percent stake in the new $550 million JV, with Pirelli holding the remaining 25 percent. The Italian tyre manufacturer will provide […] October 27, 2023 Posts navigation 1 2 … 5 Next
Exclusive Transport Tesla to enter Saudi Arabia within months Elon Musk’s Tesla is set to launch in Saudi Arabia this quarter, marking its entry into one of the world’s largest oil-producing nations as it continues expanding across the Gulf, sources familiar with the plans told AGBI. The US electric vehicle maker will open sales through pop-up stores and establish a showroom and service centre, […] January 16, 2025
Markets Saudi Arabia’s PIF slashes stake in Amazon Saudi Arabia’s Public Investment Fund (PIF) has sharply reduced its holdings in Amazon, cutting its stake by nearly 80 percent in the latest quarter. The sovereign wealth fund, which manages more than $700 billion in assets, revealed in its latest Securities and Exchange Commission filing this week that it now holds less than 350,000 shares, […] October 3, 2024
Analysis Renewable Energy Lithium’s highs and lows – and what they mean for the Gulf For one of the world’s most critical minerals, the past two years have been the best of times and the worst of times. First, lithium prices shot skywards, hitting around $80,000 per metric tonne in 2022 amid fears that global supply would not meet demand. Then, in just a year, the soft, silvery-white metal lost […] April 12, 2024
Construction Losses narrow for developer of King Abdullah Economic City Emaar the Economic City, the developer of King Abdullah Economic City near Jeddah, narrowed its losses in 2023 as revenue nearly tripled. The developer cut losses to SAR253 million ($67 million) last year from SAR1.2 billion in 2022. Revenue was up 184 percent year on year to more than SAR1 billion in 2023, driven by sales […] April 1, 2024
Finance EV maker Lucid secures $1bn funding from PIF affiliate US electric vehicle manufacturer Lucid will raise $1 billion in capital from an affiliate of Saudi Arabia’s Public Investment Fund. Ayar Third Investment Company will buy $1 billion in convertible preferred stock via private placement, the carmaker said in a statement. “We are extremely pleased to receive this strong, continued support from the PIF, as […] March 26, 2024
Manufacturing Saudi’s Maaden unit strikes deal with EV maker Lucid A subsidiary of the Saudi Arabian Mining Company (Maaden) has signed an agreement to supply aluminium sheets to US electric vehicle maker Lucid Motors. Maaden Rolling Company signed the deal with Lucid – which is 60.2 percent owned by Saudi Arabia’s Public Investment Fund – during the Future Minerals Forum in Riyadh. The deal will […] January 30, 2024
Renewable Energy PIF-backed Eviq plans to deploy 5,000 EV chargers Saudi Arabia has opened its first research and development facility to establish the country’s electric vehicle (EV) fast-charging infrastructure. Electric Vehicle Infrastructure Company (Eviq) – the newly launched joint venture between the Public Investment Fund (PIF) and Saudi Electricity Company – opened the facility in Riyadh. The company is on track to deploy 5,000 chargers […] December 18, 2023
Industry PIF raises stake in Aston Martin to 20.5% Saudi Arabia’s Public Investment Fund (PIF) has increased its stake in Aston Martin to 20.5 percent, according to a regulatory filing on the London Stock Exchange. The fund’s shareholding went up by 2.6 percentage points from 17.9 percent through Lucid Group’s holding, placing PIF ahead of Geely chairman and Chinese entrepreneur Shufu Li on Aston […] November 9, 2023
Industry PIF in talks to invest $250m in Chinese EV company Saudi Arabia’s Public Investment Fund (PIF) is discussing investing $250 million in Chinese electric vehicle (EV) maker Human Horizons Group. The kingdom’s sovereign fund’s investment could potentially value the Shanghai-based company at $3 billion, Bloomberg reported, citing informed sources. An agreement is likely to be reached by the end of the year, but it could […] November 8, 2023
Industry PIF’s $550m Saudi facility to produce Pirelli tyres in 2026 Saudi Arabia’s Public Investment Fund (PIF) has signed a joint venture agreement with Pirelli of Italy to build a tyre manufacturing facility in the kingdom. The Riyadh-headquartered sovereign wealth fund will hold a 75 percent stake in the new $550 million JV, with Pirelli holding the remaining 25 percent. The Italian tyre manufacturer will provide […] October 27, 2023
