Lucid Group still has a big backer in the Saudi sovereign wealth fund
Diego Thomazini/iStock via Getty Images

Lucid Group (NASDAQ:LCID) still has strong backing from the Saudi sovereign wealth fund as it looks to ramp up production of electric vehicles.
The Saudi sovereign wealth fund PIF held $38.6B worth of Lucid Group (LCID) at the end of 2021, according to an SEC filing. The value of the position was up from the $25.8B held at the end of September. Shares of LCID have fallen more than 20% since December 31 to reduce the current value of the stake.
The Public Investment Fund holds a nearly 62% stake in Lucid after originally investing more than $1B in the company in 2018 and boosting its investment in February of last year. The fund also holds a large position in Uber (NYSE:UBER), but does not hold a major position in any other electric vehicle stock.
Shares of Lucid Group (LCID) gained 2.77% in premarket action on Tuesday to $28.20 vs. the 52-week trading range of $16.12 to $64.86.