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Saudi PIF will buy the remaining stake in Lucid

Saudi PIF will buy the remaining stake in Lucid

Lucid has struggled to deliver its luxury EVs after delivering 4,369 vehicles last year. Its short interest, which represents the number of shares being bet against the company, is 37% of its total float compared to only 3.5% for Tesla. Short sellers experienced a 685 million USD mark-to-market loss from the Friday's spike, but only if they close their positions.

Lucid Motors started out as Atieva in 2007 and initially focused on producing electric vehicle batteries and powertrains for other automakers. Its CEO and CTO, Peter Rawlinson, had previous experience at Tesla as Vice President of Engineering and Chief Engineer of the Model S. The company rebranded to Lucid Motors in 2016 and announced plans to develop a luxury electric vehicle. In 2016, Lucid announced a 700 million USD factory in Casa Grande, Arizona, which was projected to employ up to 2,000 workers by the mid-2020s and initially produce 20,000 cars, with the capacity to expand up to 130,000 cars per year. The first vehicles from the factory were produced in 2021.

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Movement of Lucid Group stocks in the last five years. (Source: Trading Economics)

Sources:

https://tradingeconomics.com/lcid:us

https://www.nasdaq.com/articles/ev-maker-lucid-surges-on-report-saudi-pif-to-buy-remaining-stake

https://www.reuters.com/business/autos-transportation/ev-maker-lucid-surges-reports-saudi-pif-buy-remaining-stake-2023-01-27/