Lucid’s share price for the electric car maker doubled in Friday’s session, due to market speculation that the Saudi Public Investment Fund is preparing a plan to buy the remaining stake in the company, according to Reuters.
The speculation came after the Petafil website, which specializes in business deals, mentioned an interview The market is going around in this regard.
The Public Investment Fund, the Saudi sovereign wealth fund, already owns more than 65% of Lucid.
Steps are accelerating towards the establishment of the first integrated factory for the production of electric cars, as Lucid signed agreements to build the factory, which will have a production capacity of 155 thousand cars annually, and its investments are estimated at more than 12 billion riyals.
Saudi Arabia was a pioneer in investing in this sector within the goals of sustainability and achieving net zero emissions. In 2018, the Public Investment Fund invested two billion dollars in Lucid Motors to launch the first electric car, and today the fund owns a majority stake in the group that opened its first showroom in the Middle East outside of Saudi Arabia. United State.
The Lucid factory is one of three potential factories that Saudi Arabia will embrace, in line with the Kingdom’s Vision 2030 and the Saudi Green Initiative.
