PIF injects further $550m into Lucid

Saudi Arabia’s Public Investment Fund has made an additional investment in US-based Lucid Group, bringing much-needed liquidity to support the electric vehicle maker’s product line. 

Ayar Third Investment Company, an affiliate of the sovereign wealth fund, committed $550 million to strengthen Lucid’s capital position and boost vehicle production, a statement by the car manufacturer said.

Lucid has been majority-owned by PIF since April 2019. The Saudi sovereign fund put a further $2.5 billion in the company in 2024, bringing its total outlay to $8 billion for a 58.4 percent stake.

Meanwhile, Uber has signed a purchase commitment for at least 35,000 Lucid cars as part of its future global robotaxi service. 

The San Francisco-based ride-hailing app has also committed another $200 million, bringing Uber’s total investments in Lucid to $500 million following a $300 million injection in September 2025.

PIF invested $3.5 billion in Uber in July 2016, which allowed it a seat on Uber’s board. 

Marc Winterhof, who has been named as Lucid’s chief operating officer under its new CEO Silvio Napoli, said in January that the company plans to start full-scale vehicle manufacturing in Saudi Arabia this year, transitioning from assembly only at its facility near Jeddah.

The company is expected to ramp up gradually in 2027 and 2028 before reaching full capacity of 150,000 vehicles in 2029.

Further reading:

• Lucid shares plunge after reverse stock split
• Lucid to open further Middle East showrooms this year
• Lucid to begin full Saudi manufacturing in 2026

Lucid has endured a torrid time since it went public in 2021. According to Trading Economics, its market capitilisation has plunged from a high of almost $63 billion after it listed to around $3 billion now.

Lucid launched its IPO in July 2021. Its share price closed 4.8 percent lower at $8.80 on Wednesday on the Nasdaq, down 64 percent in the past year.