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Saudi Arabia's new EV brand to compete with Lucid

Original: Awkward: Saudi Arabia’s new EV brand takes on the U.S. rival it already controls

Saudi Arabia has launched a new electric vehicle brand that will compete directly with Lucid Motors, the American EV maker in which the Saudi Public Investment Fund holds a controlling stake. Observers note the awkward dynamic of a state-backed newcomer challenging a company its own sovereign wealth fund already owns, raising questions about strategy and market positioning.

Why now: The unusual setup of a government investor backing a rival to its own majority-owned carmaker is drawing attention in the auto industry.

Saudi ArabiaLucid MotorsPublic Investment Fund

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• Awkward: Saudi Arabia’s new EV brand takes on the U.S. rival it already controls · Rest of World

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