Mohammed Bin Salman-Led PIF, Which Owns Lucid, Announces Partnership With Three Electric Motorsport Series

Lucid Group Inc (NASDAQ:LCID) majority owner— Saudi Arabia's Public Investment Fund — has announced a multi-year partnership with Formula E.

What Happened: Prince Mohammed bin Salman chaired PIF has entered into a multi-year partnership with Formula E, Extreme E and E1, the sovereign wealth fund said in a statement. The Electric 360 partnership is aimed at supporting the growth of electric motorsports.

PIF sees holding leadership events, STEM initiatives, and community apprenticeship programs as part of the partnership. The financial details of the partnership are under wraps.

"This one-of-a-kind partnership with PIF is a huge milestone for us in our journey to pioneer the most cutting-edge sustainable transport technology. With so many examples of the positive real-world impact of each series, this 360-partnership takes our potential to the next level,” founder of the three championships Alejandro Agag said.

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Why It Matters: Saudi Arabia is the world’s largest oil exporter. However, its PIF is also the majority owner of EV maker Lucid.

Despite Lucid's primary operations being in the U.S., it is 60% owned by PIF. It has invested around $5.4 billion in Lucid since 2018.

PIF also partnered with Foxconn in 2022 to form a Saudi EV brand called Ceer Motors.

Photo Courtesy: Shutterstock.com

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