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Prince Alwaleed buys 5% of Lucid
Prince Alwaleed bin Talal revealed that he has acquired a 5% stake in Lucid Motors, with a market value approaching two billion dollars, accompanied by the required disclosure to the U.S. Securities and Exchange Commission (SEC). This move is part of Saudi Arabia's growing investments in Lucid, which began in 2018 with investments exceeding $9 billion from various entities and organizations, supporting the initiatives of Vision 2030 and the goal of making electric vehicles account for 30% of new car sales by 2030. Lucid is working on expanding its manufacturing facilities in King Abdullah Economic City, with reports anticipating the completion of its main factory by the end of 2026, with a production capacity of up to 150,000 cars annually, along with increased production operations and the hiring of local expertise.
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