A logo is seen on the wheel of a Lucid Air Dream Edition parked at the Nasdaq MarketSite as Lucid Motors began trading on the Nasdaq stock exchange after completing its business...DUBAI, May 10 - Lucid's electric vehicles are often displayed prominently at public events and financial conferences in Saudi Arabia to symbolise its crown prince's multi-billion dollar "Vision 2030".
Prince Mohammed is also chairman of PIF, the $620 billion fund which is expected to contribute 1.2 trillion riyals to non-oil GDP through its portfolio companies and create 1.8 million new jobs between 2021 and 2025. That made PIF's stake worth about $8 billion, according to Reuters calculations. Its investment was worth about $17.4 billion in mid-2022, the wealth fund's bond prospectus showed, and around $26 billion when Lucid was listed in 2021.For all the bumps in the road, Saudi Arabia has remained a committed investor in Lucid, whose Q1 investor presentation says PIF has invested around $3.6 billion in it since 2018.