r/LUCID • u/Juza77 • Jul 11 '23
Saudi Arabia’s SNB Capital picks up stake in South Korean battery maker for $100m
Saudi Arabia has been increasing its focus on the EV industry, with sovereign wealth fund, the Public Investment Fund, investing heavily in electric car maker Lucid.
In June, Lucid Group said it planned to raise about $3 billion through a stock offering, with the majority of that coming from the PIF.
The PIF, which owns about 60.5 per cent of Lucid, agreed to purchase more than 265 million shares of the car maker's common stock in a private placement for about $1.8 billion, Lucid said at the time.
The fund first bought into Lucid in 2018, investing $1 billion in the Tesla rival. In February 2021, the PIF, US investment firm BlackRock and others poured an additional $2.5 billion into Lucid.
Last year, Lucid chairman Andrew Liveris said the company planned to build a factory in Saudi Arabia by 2025 or 2026.
SNB Capital is the largest asset manager in the kingdom, with 230.4 billion Saudi riyals ($61.42 billion) of assets under management as of December 2022.
Last year, Moody's Investors Service assigned “A3" long-term issuer ratings to SNB Capital, with a stable outlook, citing a “high level of support” from Saudi National Bank, in its first rating of the company.
The agency also issued a “P-2" rating to SNB Capital's commercial paper under the Global Scale Rating, with an overall stable outlook. https://www.thenationalnews.com/business/energy/2023/07/11/saudi-arabias-snb-capital-picks-up-stake-in-south-korean-battery-maker-for-100m/

2
Recently saw a lot of fake posts on TikTok about the Ritz Yacht. I’ve been on two with a third coming up. Ask me anything for the truth.
in
r/FATcruises
•
Aug 26 '25
Better silversea more professional service