{"id":75778,"date":"2023-01-30T02:00:56","date_gmt":"2023-01-30T02:00:56","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2023\/01\/30\/is-pif-acquiring-ev-maker-lucid-group\/"},"modified":"2023-01-30T02:00:56","modified_gmt":"2023-01-30T02:00:56","slug":"is-pif-acquiring-ev-maker-lucid-group","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2023\/01\/30\/is-pif-acquiring-ev-maker-lucid-group\/","title":{"rendered":"Is PIF acquiring EV maker Lucid Group?"},"content":{"rendered":"

<\/a> PIF may be mulling an acquisition of EV maker Lucid Group: <\/strong>Market speculation that Saudi Arabia\u2019s sovereign wealth fund, the Public Investment Fund (PIF)<\/a>, wants to fully acquire US-headquartered EV maker Lucid Group<\/a> saw the company\u2019s shares surge some 43% on Friday, Reuters<\/a> reports. PIF already holds a majority stake of over 65% in the firm, the outlet added.<\/p>\n

Is talk of an acquisition just a lot of hot air? <\/strong>Speculation that an acquisition was in the offing is effectively \u201cmarket gossip\u201d attributed to Betaville<\/a>, an independent website covering M&A and other agreements, Reuters noted. One long-short fund manager told Reuters that the fund shorted Lucid amid Friday\u2019s share spike, based on the belief that the spike \u201cwas solely based on rumors,\u201d the outlet added.<\/p>\n

PIF has already invested heavily in Lucid:<\/strong> PIF invested over USD 1 bn<\/a> in Lucid Motors \u2014 the<\/a>brand name<\/a> of Lucid Group \u2014 in 2018, and construction of the company\u2019s Saudi Arabia production plant began in May 2022<\/a>. 80% of all EVs produced by Lucid will be made<\/a> in Saudi Arabia by 2030 with 155k EVs produced annually in the Kingdom by 2025, Lucid\u2019s Vice President for MENA, Faisal Sultan, told Asharq Business<\/a> in October.<\/p>\n

This is part of KSA\u2019s bigger EV push: <\/strong>Saudi Arabia\u2019s first EV company, Ceer<\/a> \u2014 a JV between PIF and Taiwan\u2019s Foxconn Technology Group<\/a> \u2014 secured a site for its USD 96 mn EV factory<\/a> in the King Abdullah Economic Center in November<\/a>, with plans to sell EVs in Saudi Arabia by 2025. And Dubai\u2019s Admiral Mobility will bring some 5k commercial vehicles to Saudi Arabia and the UAE this year and next, we noted<\/a> in December. In 2018, PIF was interested in taking US EV and clean energy firm Tesla<\/a> private, but no agreement was reached, Reuters noted.<\/p>\n","protected":false},"excerpt":{"rendered":"

PIF may be mulling an acquisition of EV maker Lucid Group: Market speculation that Saudi Arabia\u2019s sovereign wealth fund, the Public Investment Fund (PIF), wants to fully acquire US-headquartered EV maker Lucid Group saw the company\u2019s shares surge some 43% on Friday, Reuters reports. PIF already holds a majority stake of over 65% in the […]<\/p>\n","protected":false},"author":1,"featured_media":75779,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2016],"tags":[11,64,516,194,79,293,159],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-75778","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch-2","tag-enterpriseclimate","tag-evs","tag-investment","tag-lucid-motors","tag-ma-watch","tag-pif","tag-saudi-arabia","wpautop","entry"],"acf":{"mongo_id":"15e81da8-63fa-45ef-ad7c-23b490c49230","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/9\/1457.jpg","photo_position":"above","related_issue":[75771],"teaser":"","voice_url":""},"yoast_head":"\nIs PIF acquiring EV maker Lucid Group? - Climate<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/climate\/2023\/01\/30\/is-pif-acquiring-ev-maker-lucid-group\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Is PIF acquiring EV maker Lucid Group?\" \/>\n<meta property=\"og:description\" content=\"PIF may be mulling an acquisition of EV maker Lucid Group: Market speculation that Saudi Arabia\u2019s sovereign wealth fund, the Public Investment Fund (PIF), wants to fully acquire US-headquartered EV maker Lucid Group saw the company\u2019s shares surge some 43% on Friday, Reuters reports. 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