Written by Claudio 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 round of investment, according to a filing with the SEC 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 after the company completed a $1 billion capital raise in March.

The electric vehicle maker announced in mid-October that its majority shareholder 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 now clarifies that the transaction closed on October 30 and Ayar invested approximately $971 million.

CEO Peter Rawlinson 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 Lucid plans to unveil its third model.

Shares of electric vehicle maker Lucid Motors hit a new all-time low of $2.20 on Friday.

Lucid shares have fallen nearly 40% since hitting their 2024 high of $4.43 in late August, leaving them down 44% year-to-date.

As the Saudi-backed company prepares to mass produce its second model, the Lucid Gravity SUV, within the next eight weeks, its stock remains under pressure. This year the company plans to produce more than 9,000 vehicles.

Written by Claudio Afonso | LinkedIn | X