Written by Cláudio Afonso | LinkedIn | X
Saudi Arabia’s Public Investment Fund (PIF) increased its stake in electric vehicle maker Lucid Motors to 64.31% following the latest investment round, an SEC filing showed on Monday.
The acquisition was made through Ayar Third Investment Company, the fund’s wholly-owned subsidiary.
Before the latest investment, PIF held a 60% stake in Lucid following the company’s $1 billion capital raise in March.
The EV maker had announced in mid-October that its majority stockholder intended to acquire 374.7 million shares in a private placement at the same price as the public offering reported on the same day.
The filing clarifies now that the transaction was completed on October 30, with Ayar investing approximately $971 million.
CEO Peter Rawlinson has recently defended the move, calling the capital raise “no surprise” and noting that the funds will extend Lucid’s financial runway through 2026 — the year that Lucid plans to unveil its third model.
Shares of the electric vehicle maker Lucid Motors hit a new all-time low on Friday at $2.20.
Since reaching a 2024 high of $4.43 in late August, Lucid shares have dropped nearly 40%, leaving them down 44% year-to-date.
As the Saudi-backed company prepares for the mass production of its second model, the Lucid Gravity SUV, within the next eight weeks, its stock remains under pressure. This year, the company aims to produce more than 9,000 vehicles.
Written by Cláudio Afonso | LinkedIn | X
