PIF Gains Billion Dollars on its Investment in Lucid

Public Investment Fund (PIF) of Saudi Arabia has gained more than $22 Billions of dollars from its investment in Lucid Motors, Californian electric vehicle (EV) carmaker, after its listing in Nasdaq Stock Market on July 26, 2021 (Monday) according to Saudi Gazette report. On 2018, The PIF firstly announced their investment agreement of SAR 3.75 billion (US $1 billion) with Lucid Motors through a special-purpose vehicle wholly owned by PIF.

Moreover, Lucid Motors has had numerous achievements since PIF’s investment in 2018, including the Lucid Air-a pure-electric luxury sedan that was unveiled in September 2020. Also, the first phase of the construction of its factory in Casa Grande, Arizona with an annual initial production capacity of 30,000 units per year have finished in December 2020.

Nasdaq Stock Exchange Debut

Recently, Lucid Motors has gone public after completing its merger with special purpose acquisition company (SPAC) Churchill Capital Corp IV, announced on July 23, and is now trading as Lucid Group, Inc. with a Nasdaq ticker “LCID”. With the successful Nasdaq debut, The Saudi Public Investment Fund will own over 60% of the company, which is expected to have a market capitalization of about $36 billion based on the SPAC’s current share price (Wall Street Journal, 2021).

Lucid’s Retail Outlet in KSA by 2022

According to the CEO of Lucid Motors' (interview with Arab News), their team was looking into potential locations in Saudi Arabia to open retail outlets, which Lucid refers to as "studios" for their luxury electric vehicles. The CEO also mentioned that they are hoping to get a retail outlet probably early 2022.