Shulou(Shulou.com)11/24 Report--

January 29 news, according to foreign media reports, there are rumors that Saudi Arabia's sovereign wealth fund Saudi Public Investment Fund (PIF) may seek to acquire the remaining shares of Lucid Group. The rumor caused Lucid Motors's shares to rise 43% on Friday, the biggest one-day gain in the stock's history.

Earlier this month, Lucid shares fell to an all-time low of $6.09. However, the rumor boosted the company's share price.

PIF is already a major shareholder in Lucid, which owns more than 60 per cent of the shares. Earlier this month, Lucid confirmed that PIF would invest an additional $915 million (currently about 6.195 billion yuan) in it.

In April 2022, Lucid announced a purchase agreement with Saudi Arabia for 100000 electric vehicles, with delivery of the first vehicles no later than the second quarter of 2023.

In November 2022, Lucid announced the signing of a share purchase agreement with Ayar Third Investment Company, a subsidiary of PIF (hereinafter referred to as Ayar). Ayar agreed to buy up to $915 million worth of common shares in at least one private placement until March 31, 2023. The deal was completed in December last year.

Lucid Group was renamed after Lucid Motors completed its merger with special purpose acquisition company (SPAC) Churchill Capital Corp IV on July 23, 2021.

For the whole of 2022, the company produced only 7180 vehicles, exceeding its annual forecast of 6000-7000. During the same period, the company delivered 4369 cars. (little fox)

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