Skip to content Skip to Search
Skip navigation

PIF raises stake in Aston Martin to 20.5%

By Pramod Kumar
PIF-backed Lucid Group signed a deal with Aston Martin in June to produce high-performance EVs from 2025 Aston Martin
PIF-backed Lucid Group signed a deal with Aston Martin in June to produce high-performance EVs from 2025

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 Martin’s shareholder list.

The sovereign fund-backed Lucid Group signed a deal with the British luxury carmaker in June to produce high-performance electric vehicles (EVs) from 2025.

As part of the agreement, Lucid will supply Aston Martin with components for manufacturing battery-electric vehicle models.

PIF owns a 65 percent stake in the US-based EV manufacturer.

Another Lucid unit, Atieva, owns a 3.44 percent stake in Aston Martin, a separate regulatory filing showed.

In its nine-month financial statement, Aston Martin expects to deliver significant growth in profitability compared to 2022, driven by an increase in volumes and higher gross margin in both core and special vehicles.

The company now targets positive free cash flow in Q4, including the initial $33 million cash payment to Lucid related to the strategic supply arrangement announced in June, which is expected to be paid in the fourth quarter of 2023.

Latest articles

An artist's impression of the surf lagoon being built at Aquarabia in Qiddiya, Saudi Arabia

Largest water park in Middle East to open in Qiddiya next year

The largest water theme park in the Middle East is on target to open in the city of Qiddiya next year, its developer has announced. Aquarabia, the first water park in Saudi Arabia, will have four record holders among its 22 rides, including the world’s tallest “water coaster” and tallest water slide. It will also […]

Binance CEO Richard Teng told AGBI the company spent $213m on compliance measures in 2023

Binance clamps down on suspicious UAE crypto trades

Binance has blocked hundreds of thousands of suspicious cryptocurrency transactions in the UAE as it ramps up compliance efforts, senior executives have told AGBI. The business, which is the world’s largest crypto exchange, received nearly 60,000 law enforcement requests from governments around the world in 2023 after heightened regulatory scrutiny. Meera Judge, the Dubai-based director […]

Saudi budget deficit Sky Bridge in Riyadh

Saudi budget deficit rises fourfold in Q1 2024

Saudi Arabia recorded a budget deficit in the first quarter of 2024 of SAR12.4 billion ($3.3 billion), four times higher than a year ago – confirming a revenue squeeze that has raised doubts about the funding of some of the kingdom’s giga-projects.  The Q1 deficit in 2023 was SAR2.92 billion, the finance ministry’s quarterly budget […]

A constant consumer shift towards e-payments and an increase in consumer spending are behind the growth in card payments in the UAE

Card payments market in UAE to be worth $139bn in 2024

Card payment transactions in the UAE are expected to grow 13 percent to AED511 billion ($139 billion) this year, thanks to a constant consumer shift towards e-payments and an increase in consumer spending. The London-based analytics company GlobalData has forecast that the UAE card payments market will increase at a compound annual growth rate of […]