Shares of Lucid Motors, the luxury electric vehicle manufacturer backed by Saudi Arabia's Public Investment Fund (PIF), have surged more than 90 per cent since the start of this year amid speculation that the sovereign wealth fund plans to buy out the company.
Shares of the California-based company have jumped more than a third since January 23 through to the close of trading on Monday, according to market data.
That made Lucid the third-highest gainer and the sixth most traded stock on the Nasdaq on Friday, after speculation that appeared to have started on the daily deals website Betaville.
In pre-market trading alone on Monday, Lucid's volume surpassed 17 million; the company's average session trading volume is about 30 million. The stock eventually pared gains, down 1.87 per cent in after-hours trading.
However, the company's stock price is down more than 60 per cent from a year ago. For all of 2022, it plunged 84 per cent, worse than Tesla's 70 per cent plunge amid chief executive Elon Musk's contentious takeover of Twitter.
Lucid has not commented on the speculation. The PIF, Saudi Arabia's sovereign wealth fund that owns 65 per cent of Lucid, did not respond to a request for comment from The National.
The global EV market continues to grow amid a government and societal shift towards energy conservation, with both the consumer and commercial verticals tapping into the technology's potential.
Innovation and sustainability are among the key pillars of Saudi Arabia's Vision 2030 programme, a major economic diversification drive to reduce its reliance on oil and tap into other high-growth industries.
The continuing focus on more environmentally friendly vehicles presents an opportunity for EV brands and their investors. Saudi Arabia, the Arab world's biggest economy, aims to boost its EV production and tap into this potential.
The global EV market is expected to expand to more than 39.2 million units by 2030, from about 8.15 million in 2022, a near 22 per cent compound annual growth rate (CAGR), according to data from research firm Markets and Markets.
The sector's value is forecast to hit more than $1.1 trillion by 2030, from an estimate of $208.6 billion in 2022, at a CAGR of more than 23 per cent, a study from Precedence Research showed.
Having Lucid in its green arsenal will boost Saudi Arabia's goals of becoming a leader in the EV industry. The kingdom announced Ceer, its first EV maker, in October, a partnership with Foxconn, the Taiwanese semiconductor maker and major parts supplier to Apple.
Later that month, Ceer bought land worth $96 million in King Abdullah Economic City, where it plans to build its factory.
The PIF bought into Lucid in 2018, investing $1 billion in the company that is competing with Tesla.
In February 2021, the PIF, US investment firm BlackRock and others poured an additional $2.5 billion into Lucid.
Last year, Lucid chairman Andrew Liveris said the company planned to build a factory in Saudi Arabia by 2025 or 2026.
“Now that we are successfully producing and selling cars in the US, our attention is turning to this factory here,” he said at that time. The factory aims to produce 155,000 cars per year.
In August, Lucid announced plans to raise $8 billion through new offerings as the company aims to boost production.
Lucid's market capitalisation on Monday was at $21.63 billion, compared with Tesla's $522.22 billion value.
Lucid makes the $169,000 Air Dream Edition limited production saloon car. However, it has been struggling to deliver the vehicles having shipped out only 4,369 in 2022.
Its three other models are the Air Pure, Air Touring and Air Grand Touring.
The cut-throat competition in the EV market is also making things more challenging. Tesla's price cuts, which the car maker made to boost sales, are also preventing Lucid and other smaller players from cornering market share.
Company Profile
Founder: Omar Onsi
Launched: 2018
Employees: 35
Financing stage: Seed round ($12 million)
Investors: B&Y, Phoenician Funds, M1 Group, Shorooq Partners
The specs
Engine: 2x201bhp AC Permanent-magnetic electric
Transmission: n/a
Power: 402bhp
Torque: 659Nm
Price estimate: Dh200,000
On sale: Q3 2022
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Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
UAE currency: the story behind the money in your pockets
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
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Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
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Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
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F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
UAE currency: the story behind the money in your pockets
Fire and Fury
By Michael Wolff,
Henry Holt
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
