PIF investment in US electric vehicles reaps rewards after SPAC

According to an article published by Arab News, Saud Arabia's premier investing institution the Public Investment Fund (PIF), has seen a significant increase in the valuation of its initial $1 billion investment in Lucid Motors in 2018.

Following an increase in special purpose acquisition company (SPAC) activity in 2020, Lucid Motors recently merged with Churchill Capital Corp IV, a SPAC, which gives the company a formal valuation of $24 billion, with the PIF remaining the largest investor in the new set up.

Read the original article on Arab News: PIF makes billions on its investment in Lucid Motors