Saudi Arabia’s Public Investment Fund (PIF) is increasing its investment in US-based electric vehicle manufacturer Lucid Group, providing fresh capital to support the company as it prepares to scale up production within the Kingdom.
Quick Facts
- PIF’s affiliate invests $550 million.
- Uber commits an additional $200 million.
- Uber to purchase 35,000 Lucid vehicles.
A Strategic Lifeline
Ayar Third Investment Company, an affiliate of the PIF, has committed to purchasing $550 million of Lucid’s convertible preferred stock. This move is designed to strengthen Lucid’s capital position after a challenging period since going public in 2021, which has seen its market capitalization fall significantly.
The PIF has been a majority owner of Lucid since April 2019. The sovereign fund previously invested $2.5 billion in the company in 2024, bringing its total outlay to $8 billion for a 58.4 percent stake.
Uber’s Robotaxi Ambitions
In a related development, ride-hailing giant Uber is also increasing its involvement. The company has signed a purchase commitment for at least 35,000 Lucid vehicles for its planned global robotaxi service.
Uber has also committed another $200 million to Lucid, raising its total investment to $500 million after a $300 million injection in September 2025. This deepens the ties between the companies, as the PIF initially invested $3.5 billion in Uber back in July 2016.
Manufacturing in the Kingdom
The new funding comes as Lucid prepares to transition from vehicle assembly to full-scale manufacturing in Saudi Arabia this year. The company’s facility near Jeddah is central to its growth plans.
According to company statements, production is expected to ramp up gradually through 2027 and 2028, with the goal of reaching a full capacity of 150,000 vehicles in 2029.
About Lucid Group
Lucid Group is a US-based automotive company specializing in luxury electric vehicles. The company aims to advance sustainable transportation by creating advanced EVs and centered around the human experience. Its first car, the Lucid Air, is a state-of-the-art luxury sedan with a California-inspired design.
Source: Zawya
