Prince Alwaleed bin Talal has revealed an early investment in US electric vehicle maker Lucid Group, saying he acquired a 5% stake in the company when it was valued at less than $2 billion.
The disclosure was made through Prince Alwaleed’s account on X, highlighting an early investment in the EV company before Lucid developed into one of the most prominent electric vehicle companies connected to major investments from the Kingdom.
The revelation comes as Lucid continues to expand its operations and receive substantial backing from the Public Investment Fund.
An Early Investment in Lucid
According to Prince Alwaleed’s disclosure, the 5% stake was acquired when Lucid’s valuation stood below $2 billion.
For perspective, 5% of a company valued at $2 billion would represent less than $100 million in equity value. This calculation does not establish the actual amount Prince Alwaleed paid for the investment, as the disclosure does not provide the acquisition price or detailed transaction structure.
Lucid later became a publicly traded company on the Nasdaq under the ticker LCID and developed into a prominent name in the premium electric vehicle market.
Prince Alwaleed’s Investment Is Distinct From PIF’s Lucid Stake
An important distinction is that the investment disclosed by Prince Alwaleed bin Talal should not be confused with the Public Investment Fund’s separate investments in Lucid.
Prince Alwaleed’s disclosure concerns the 5% stake he says was acquired when the company was valued below $2 billion.
PIF, meanwhile, subsequently became Lucid’s controlling shareholder through direct holdings and investments made through its wholly owned affiliate Ayar.
Lucid’s 2026 regulatory disclosures show that PIF continued to control more than half of the company’s voting power.
PIF Continues to Invest in Lucid
The relationship between PIF and Lucid remains substantial.
In April 2026, Lucid announced that Ayar Third Investment Company, a PIF affiliate, would purchase $550 million in convertible preferred stock.
The investment formed part of an approximately $1.05 billion capital raise, which also included a $300 million registered public offering and an additional $200 million equity investment from Uber.
Lucid also reported that its delayed draw term loan facility provided by PIF had been increased by $500 million. The company drew $500 million in April while retaining approximately $2 billion in remaining undrawn capacity at the time.
Lucid Steps Up Production
The investment comes as Lucid works to increase vehicle production and deliveries.
The company produced 5,500 vehicles during the first quarter of 2026, representing a 149% increase from the same period a year earlier.
It delivered 3,093 vehicles and generated $282.5 million in quarterly revenue, up 20% year over year.
These figures come amid intense global competition in the electric vehicle market and Lucid’s efforts to scale its product portfolio and technology.
Lucid’s Growing Connection to the Kingdom
Lucid’s relationship with the Kingdom extends beyond investment.
In 2022, the company selected King Abdullah Economic City as the location of its first international manufacturing facility, giving its relationship with the Kingdom an industrial dimension alongside PIF’s financial backing. Lucid’s corporate filings continue to reference the Saudi manufacturing facility.
The investment and manufacturing activity also align with the Kingdom’s broader push to develop advanced industries and diversify its economy.
From Early Investment to a Major EV Company
Prince Alwaleed bin Talal’s disclosure that he acquired 5% of Lucid when the company was valued at less than $2 billion offers a glimpse into an earlier chapter of the EV maker’s development.
It is also distinct from PIF’s subsequent and much larger investment relationship with Lucid, which ultimately made the sovereign wealth fund the company’s controlling shareholder.
With Lucid continuing to attract fresh capital, increase production and expand its technology and manufacturing operations, the newly highlighted early investment adds another chapter to the company’s long-running investment ties with the Kingdom.
