Saudi PIF Injects Additional $550M into Lucid as Uber Commits to 35,000-Vehicle Purchase

Gate News message, April 15 — Saudi Arabia's Public Investment Fund (PIF) has made an additional $550 million investment in U.S.-based electric vehicle maker Lucid Group through its affiliate Ayar Third Investment Company. The funding aims to strengthen Lucid's capital position and boost production. Separately, Uber has committed to purchasing at least 35,000 Lucid vehicles for its future global robotaxi service.

PIF has been Lucid's majority owner since April 2019, with total investments now reaching $8 billion for a 58.4% stake. The sovereign wealth fund previously injected $2.5 billion in 2024. Uber has also added $200 million to its investment, bringing its total stake in Lucid to $500 million following a $300 million injection in September 2025.

Lucid plans to begin full-scale vehicle manufacturing in Saudi Arabia this year, transitioning from assembly-only operations at its facility near Jeddah. The company expects to reach full production capacity of 150,000 vehicles annually by 2029. Lucid's market capitalization has fallen from a peak of nearly $63 billion after its 2021 IPO to approximately $3 billion currently.