Rumor: Saudia Arabia to increase stake in Lucid

Rumors late last week that the Saudi Arabian government’s Public Investment Fund (PIF) wants to buy even more of Lucid’s stock sent the price up 43 percent.

The PIF owns over 60 percent of Lucid already and has promised to buy up to 100,000 EVs from the automaker over the next 10 years. Lucid has also announced it will build a plant in Saudi Arabia.

Also, last week, Lucid announced that it is providing a 469-hp electric drive rear unit for all Formula E race cars this season. The EDU includes a motor, inverter, differential, and transmission and will be used to capture rear braking energy.  Lucid adds a 335-hp motor to the front axle that’s used exclusively for regeneration.