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Electric Vehicles

Saudi Arabia Is Going All In On Lucid Motors

August 9, 2024
•
x min read

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:‍

‍

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