Saudi Arabia appeared to have found a winner when US luxury electric vehicle manufacturer Lucid Group Inc. went public in 2021 — a clean tech investment that would diversify and substantially add to the kingdom’s oil riches. Two years later, Lucid has instead delivered a grim lesson in automotive capital intensity, scale economies and the difficulty of building car brands from scratch.

The Public Investment Fund’s 60% Lucid stake was valued at more than $55 billion in the months after the EV manufacturer completed a US SPAC listing.

QOSHE - Saudis Find a Bottomless Money Pit in Lucid - Chris Bryant
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Saudis Find a Bottomless Money Pit in Lucid

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09.11.2023

Saudi Arabia appeared to have found a winner when US luxury electric vehicle manufacturer Lucid Group Inc. went public in 2021 — a........

© Bloomberg

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