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Saudi Arabia has big aspirations for electric vehicles.
What’s happening:
- Lucid Motors (NASDAQ: LCID) has landed $1.5B USD in new funding from Ayar Third Investment Company, which is an affiliate of Saudi Arabia’s sovereign wealth fund
Why it matters:
- Saudi Arabia’s sovereign wealth fund is the single largest shareholder of Lucid Motors and has publicly stated their intent to leverage their investment in Lucid to help accelerate the adoption of electric vehicles throughout the Kingdom
By the numbers:
- Since inception, Saudi Arabia’s sovereign wealth fund has invested approximately $8B USD into Lucid Motors
- In their last quarter, Lucid delivered more than 2,000 new electric vehicles
Going deeper:
- Lucid Motors previously made history when they opened the first ever automobile manufacturing facility in Saudi Arabia, which also received funding from the Ministry of Investment of Saudi Arabia and the Saudi Industrial Development Fund
The intrigue:
- Lucid Motors also recently become the first electric vehicle manufacturer to enter into a supply agreement for synthetic graphite that is domestically sourced, partnering with Canadian public company Graphite One (TSXV: GPH)
