Re-assembly operations are expected to begin in September, Lucid said in its presentation.
The Saudi government has agreed with Lucid to buy up to 100,00 of its vehicles over the next decade.Īnd construction of Lucid's Jeddah plant, targeting peak production of up to 155,000 cars a year, got underway last year, local media reported. There was even speculation earlier this year that PIF would buy Lucid out altogether. PIF and Lucid did not respond to requests for comment. Its investment was worth about $17.4 billion in mid-2022, the wealth fund's bond prospectus showed, and around $26 billion when Lucid was listed in 2021. That made PIF's stake worth about $8 billion, according to Reuters calculations. They were trading around $7.24 at 1615 GMT on Wednesday.
Shares in California-based Lucid, which has posted net accumulating losses of over $4.6 billion since Q1 2020, closed 5.6% lower at $7.28 on Tuesday after the results. "Most new EV firms that aren't Tesla are struggling." "The EV manufacturing plan is still one of the boldest parts of the Saudi plan," said Justin Alexander, director at Khalij Economics and Gulf analyst at GlobalSource Partners. Prince Mohammed is also chairman of PIF, the $620 billion fund which is expected to contribute 1.2 trillion riyals ($320 billion) to non-oil GDP through its portfolio companies and create 1.8 million new jobs between 20. That performance could put another potential dent in Saudi plans to build its own EV industry, which includes Lucid's first manufacturing plant outside the U.S., as part of its far-reaching diversification plan led by Crown Prince Mohammed bin Salman. company, in which PIF owns a 60.46% stake, fell well short of analyst forecasts on Tuesday with a sharp first quarter revenue fall and a cut to its 2023 production outlook. investments by Saudi Arabia's Public Investment Fund (PIF) which has been tasked with driving the kingdom's ambitious plan to cut its reliance on oil revenue.įor PIF, the Lucid bet is proving challenging. The electric car maker is among the biggest U.S.
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