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Prince Walid bin Talal purchases 5% of Lucid Motors
Prince Walid bin Talal confirmed his acquisition of a 5% stake in Lucid Motors with a market value exceeding two billion dollars, clarifying that he has submitted the required disclosure to the U.S. Securities and Exchange Commission regarding this matter. Since 2018, the Kingdom has invested heavily in Lucid, with total financial support exceeding nine billion dollars, as part of its efforts to achieve Vision 2030's goal of increasing electric vehicle sales to 30% by 2030. Lucid's Saudi plans include manufacturing up to 150,000 electric cars annually, with final production operations and expansion already underway at the King Abdulaziz Economic City facility, reflecting the company's rapid growth and commitment to national projects.
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