- Lucid’s shares jumped 43% on Friday after a rumor spread that Saudi Arabia's Public Investment Fund (PIF) was planning to buy the EV maker. Soon after this news was shared by deals website Betaville, Lucid became the sixth-most traded stock in the US, and came third on the Nasdaq.
- Saudi Arabia's Public Investment Fund holds a 65% stake in Lucid and has been vocal about their desire to foster the electric vehicle industry. Last November, Crown Prince Mohammed bin Salman unveiled Ceer, the nation's first electric vehicle brand. This project is estimated to generate 30,000 jobs in the region and could add up to $8 billion to Saudi Arabia's GDP by 2034.
Why it matters
While the rumour hasn't been confirmed, it is clear that Saudi Arabia's PIF is committed to investing in and developing the electric vehicle market through its ownership of Lucid Motor and the launch of Ceer.