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The Saudi Public Investment Fund has confirmed that its investment a few years ago in the “Lucid” company reflects its strategy of investing in future opportunities that offer growth in returns.
The PIF said Lucid’s investment is a step towards diversifying returns for the Saudi sovereign wealth fund and for the Kingdom as a whole.
The stock of the “Lucid” company got off to a good start after being listed on the NASDAQ stock exchange, via the SPAC deal, to close the stock up 11% to $ 26.8, bringing the market value of the company at nearly $ 40 billion.
The Saudi Public Investment Fund’s earnings exceeded $ 22 billion from its investment in “Lucid” after its listing.
Lucid is TESLA’s US competitor, and the Saudi Public Investment Fund benefited from an early investment, as it owns around 62% of its shares.
Lucide’s car
With yesterday’s gains, the Saudi fund made investment gains of over $ 22 billion.
Lucid’s listing is the result of a merger with Churchill Capital Corp IV, a blank check company, or SPAC.
Lucid Electric Vehicle Group was listed on the Nasdaq stock exchange with its stock rising 11% on the share’s first trading day, after completing a reverse merger with billionaire Michael Klein’s special purpose acquisition company , known as Churchill Capital Corp.
The stock was received with a lot of momentum, as it closed 11% to hit the $ 26.83 level.
Lucid CEO Peter Rawlinson said the company is still on track to meet major targets, producing 577 cars this year, and plans to produce up to 20,000 cars next year.
As troublesome as the global pandemic has been for automakers and their suppliers, including Lucid, he added, the company built a factory in Casa Grande, Ariz., In less than 12 months.
“Running is everything now,” Rawlinson said. “We didn’t achieve anything as a company until we handed over our car to customers and they were happy,” Bloomberg said.
After the Nasdaq bell rang on Monday, Lucid offered rides in his Dream car parked outside the Nasdaq Stock Exchange near Times Square.
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