PIF Reveals $1.87B Lucid Holding as EV Sector Weighs on Shares
Saudi Arabia’s Public Investment Fund held $1.87 billion in Lucid Group shares at Q4 end, accounting for 15% of its assets as one of its top three investments. Lucid Group stock slid alongside Rivian’s 7.11% drop on February 17 as broader EV sector pressures intensified.
1. Portfolio Changes
The Saudi Public Investment Fund transferred its 11,414,680-share Take-Two Interactive position to its Savvy Games subsidiary and reported only one change in Q4. Its top five investments at quarter end were Uber Technologies ($5.95 billion, 46%), Electronic Arts ($5.07 billion, 39%), Lucid Group ($1.87 billion, 15%), Claritev Corporation ($54.77 million, 0.4%) and Allurion Technologies warrants ($17 million, 0%).
2. Lucid Group Holding
Lucid Group’s $1.87 billion position represents the fund’s third-largest stake and a significant 15% allocation of total assets. This sizeable commitment underscores PIF’s confidence in Lucid’s electric vehicle strategy and growth potential.
3. EV Sector Sell-Off
On February 17, Lucid Group shares declined alongside a 7.11% slump in Rivian stock as investors weighed execution risks surrounding new model launches. The pullback highlights heightened scrutiny across major EV manufacturers as they approach critical production and profitability milestones.