PIF investment in US electric vehicles reaps rewards after SPAC
February 24, 2021
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