Saudi PIF now controls 64.3% of Lucid Motors, SEC Filing reveals

Written by Claudio Afonso | LinkedIn | X

Saudi Arabia’s Public Investment Fund (PIF) increased its stake in electric car maker Lucid Motors to 64.31% following the latest investment round, an SEC filing showed on Monday.

The purchase was made through Ayar Third Investment Company, the fund’s wholly owned subsidiary.

Before the latest investment, PIF had a 60% stake in Lucid following the company’s capital raising of DKK 1 billion. USD in March.

The EV maker had 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 was completed on October 30, with Ayar investing approximately $971 million.

CEO Peter Rawlinson recently defended the move, calling the capital raising “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 car maker Lucid Motors hit a new record low of $2.20 on Friday.

Since hitting a 2024 high of $4.43 in late August, Lucid shares have fallen nearly 40%, 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 inventory remains under pressure. This year, the company aims to produce more than 9,000 vehicles.

Written by Claudio Afonso | LinkedIn | X