The Public Investment Fund was originally established in 1971 to facilitate the development of the Saudi Arabian national economy.  In 1974, PIF was mandated to hold equity positions in join-stock ventures within its domestic economy.

Saudi Arabia's Public Investment Fund

Lucid Motors

Lucid Motors is an automotive company that specializes in electric cars. The company sets out to create a car that elevates the human experience and transcends the perceived limitations of space, performance, and intelligence. A car that is intuitive, liberating, and designed for all the ways people get around. It was founded in 2007 and headquartered in Newark, California.

<div>Lucid Motors (formerly Atieva) initially developed EV batteries and powertrains for third-party EV makers. The company rebranded in 2016 with the intention of developing passenger EVs. Lucid&rsquo;s CEO is a former VP of Engineering at Tesla.&nbsp;</div>

Electrifying passenger and commercial travel

EV Economy

<div>
 
 Lucid Motors (formerly Atieva) initially developed EV batteries and powertrains for third-party EV makers. The company rebranded in 2016 with the intention of developing passenger EVs. Lucid&rsquo;s CEO is a former VP of Engineering at Tesla.&nbsp;
 
 
 Lucid has four EV models in its portfolio: 1) Air Pure, the most basic version, with a range of 406 miles (priced at USD 87,400); 2) Air Touring, with a range of 406 miles (priced at USD 107,400); 3) Air Grand Touring, a somewhat premium model, with a range of 516 miles (priced at USD 154,000) which also includes a performance version with a range of 446 miles (priced at USD 179,000); and 4) Air Dream Edition, the ultimate premium model (priced at USD 169,000). As of July 2022, Lucid is carrying out deliveries of Air Dream Edition and Air Grand Touring models while Air Touring and Air Pure models are to be available from Q4 2022.
 
 
 As of July 2022, Lucid operated a manufacturing facility (AMP-1) in Casa Grande, Arizona with an annual capacity of 34,000 units. The company planned to expand this facility in four stages through 2028 to reach a capacity of 365,000 units. Production at the facility began in September 2021, which initially consisted of Lucid Air Dream Editions, followed by Grand Touring and Touring models. Lucid&rsquo;s production volume outlook for 2022 was revised to 
 <a href="https://sp-edge.com/updates/12118">
 6,000 - 7,000 units
 </a>
 in August 2022, down from 
 <a href="https://sp-edge.com/updates/10203">
 12,000 to 14,000 units
 </a>
 . Lucid had around 37,000+ Lucid Air reservations as of Q2 2022, amounting to potential sales of USD 3.5 billion. 
 
 
 In August 2022, Lucid launched 
 <a href="https://sp-edge.com/updates/12529">
 Sapphire
 </a>
 , its new ultra-high-performance brand, with the new Lucid Air Sapphire (priced at USD 249,000) which has a three-motor powertrain operating at over 1,200 hp. The vehicle will be offered as a limited-production model with production beginning in 1H 2023.
 
 
 Moreover, Lucid announced an 
 <a href="https://sp-edge.com/updates/10022">
 agreement
 </a>
 with the Government of Saudi Arabia to sell up to 100,000 EVs within a period of over ten years in April 2022. In May 2022, Lucid signed agreements with the Government of Saudi Arabia to construct a second manufacturing facility (AMP-2) in Saudi Arabia. This facility will have a capacity of up to 155,000 vehicles per year by 2025. AMP-2 is expected to boost Lucid Group&rsquo;s global production potential to 500,000 EVs per year by mid-decade.
 
 
 Lucid was listed on the Nasdaq through a SPAC merger in July 2021. The deal raised USD 4.4 billion at a valuation of USD 24 billion. The proceeds were to be utilized as growth capital. In 
 <a href="https://sp-edge.com/updates/15429">
 December 2022
 </a>
 , Lucid raised ~USD 1.5 billion in funding which the company intends to use for general corporate purposes, including capital expenditures and working capital.
 
 
 
 
 
</div>

<div>
 
 SolidEnergy Systems (SES) is a lithium-metal battery developer and manufacturer of battery cells for EVs. SES hybrid Li-metal batteries replace the graphite anode with lithium-metal to improve energy density (to around 400 Wh/kg). SES also uses a hybrid electrolyte&mdash;the battery has a solid protective coating on the lithium-metal anode and a liquid in the cathode, unlike some solid state batteries (Solid Power and QuantumScape) that are all-solid and free of any liquid. The company&rsquo;s battery is expected to enable a longer driving range (around 500&ndash;600 miles) and is also capable of reaching an 80% charge in under 15 minutes.&nbsp;
 
 
 SES was working with General Motors since 2015, and the two companies agreed to build a pilot production line for SES battery cells in Woburn, Massachusetts by 2023. SES also began construction of a 1 GWh lithium-metal battery facility in Shanghai to be completed by 2023. The company aimed to commercialize its batteries by 2025.&nbsp;
 
 
 SES was listed on NYSE through a SPAC merger in February 2022. The deal raised USD 275 million at a valuation of USD 3.6 billion. The proceeds were to be used to accelerate growth and fund key development initiatives. In April 2021, the company raised USD 139 million in a Series D funding round led by General Motors, while in July 2021, it raised USD 100 million from Hyundai. 
 
 
 
</div>

<div>
 
 Addionics, a British next-gen battery-tech company, develops smart 3D electrodes for EV batteries by optimizing AI-based algorithms. The company states that its tech could improve the cost and performance of any EV battery. The company collaborated with leading automotive OEMs and suppliers in the US and Europe to integrate its technology with lithium-nickel-manganese-cobalt-oxide (NMC), lithium iron phosphate, silicon, lithium polymer battery chemistries, and solid state batteries.
 
 
 Key customers and partnerships
 
 
 In June 2022, Addionics 
 <a href="https://sp-edge.com/updates/11083">
 partnered
 </a>
 with Blitz Motors, an Israel based smart electric moped manufacturer, to provide smart 3D electrodes and develop Li-ion batteries. In August 2021, Addionics partnered with the Center of Process Innovation (CPI) and the University of Warwick&rsquo;s WMG to improve lithium-ion battery cell performance and manufacturing processes. In April 2021, Addionics also partnered with Saint-Gobain Ceramics, a manufacturer of materials for construction, mobility, healthcare, and other industrial segments to develop high-power, high-capacity solid-state batteries for EVs.&nbsp;
 
 
 Funding and financials
 
 
 In January 2022, the company raised USD 27 million in Series A funding. The proceeds were to be used to redesign existing battery architecture with Addionics&rsquo; Smart 3D Electrodes. The company planned to commercialize its solution by 2024. 
 
 
 
</div>

Addionics

<div>
 
 InoBat is a Slovakian next-generation battery technology company. In November 2020, the company announced the launch of an &ldquo;intelligent&rdquo; EV battery. According to the company, this was the first of its kind and was developed through the combination of AI and high throughput (HTP) technology. The use of AI enables the company to develop bespoke batteries within a short period of time, making it possible to cater to the unique needs and power demands of different vehicles and applications. The company&rsquo;s technology also reduces reliance on cobalt, resulting in higher energy density, with a goal of reaching 330 Wh/kg by the end of 2023 (compared to 250&ndash;270 Wh/kg of the highest-density lithium-ion batteries).&nbsp;
 
 
 In November 2021, InoBat partnered with Chinese equipment manufacturer Wuxi Lead to deploy a lithium-ion pilot battery production line in Slovakia. The first batch of batteries was expected to be produced by the end of 2022. In April 2021, the company entered into a partnership with SOR (a producer of city and inter-city buses in Central Europe) to design, develop, and supply batteries for a new electric bus fleet. InoBat also planned to expand its geographic footprint across Europe and globally by building several gigafactories through 2024. In March 2022, Inobat announced plans to deploy a 
 <a href="https://inobatauto.eu/newsroom/inobat-auto-announces-intention-to-build-its-third-gigafactory-in-western-europe/">
 third facility
 </a>
 in Western Europe. &nbsp;
 
 
 &nbsp;In April 2022, InoBat partnered with 
 <a href="https://sp-edge.com/updates/9677">
 Gigamine
 </a>
 , a British battery recycling startup, to reprocess lithium-ion batteries from EVs. In September 2022, Inobat partnered with 
 <a href="https://sp-edge.com/updates/12909">
 Cosworth
 </a>
 , to supply InoBat battery cells for Cosworth&rsquo;s battery packs in the high-performance automotive market
 
 
 In October 2022, InoBat signed an agreement with 
 <a href="https://sp-edge.com/updates/13944">
 GUS Technology
 </a>
 , for the latter to produce and deliver InoBat&rsquo;s batteries. During the same month the company signed declarations of intent with the 
 <a href="https://sp-edge.com/updates/13942">
 Spanish government
 </a>
 to construct a new EV battery production facility in Valladolid, Spain. In November 2022, InoBat partnered with 
 <a href="https://sp-edge.com/updates/14473">
 Ricardo
 </a>
 to jointly supply battery cells, modules, and packs to high-performance automotive manufacturers.
 
 
 In January 2022, InoBat raised an undisclosed amount in a funding round led by Ideanomics, a company promoting electric mobility. The proceeds were to be utilized to support the completion of InoBat&rsquo;s pilot battery plant in Slovakia by the end of 2022.
 
</div>

InoBat

<div>
 
 Lightyear is a Dutch solar electric car startup. The company develops long-range electric cars that are grid-independent and are equipped with built-in solar panels, permitting longer charge cycles.&nbsp;
 
 
 The company&rsquo;s flagship electric car Lightyear 0 (formerly Lightyear One) has a battery range of 625 km (versus Tesla Model S&rsquo; ~400 km) and has an energy use of 10.5 kWh per 100 kms. Lightyear 0 has a built-in five-square-meter solar panel and was available for pre-order at EUR 250,000 (~USD 272,278) excluding taxes (versus Tesla Model S&rsquo; USD 90,000) as of June 2022.&nbsp;
 
 
 The company reported that Lightyear 0 had begun production in 
 <a href="https://lightyear.one/articles/impact-has-started-lightyear-0-has-gone-into-production">
 November 2022
 </a>
 . However, subsequently in 
 <a href="https://sp-edge.com/updates/15885">
 January 2023
 </a>
 , it announced that the production of Lightyear 0 has been suspended to instead direct resources towards Lightyear 2. This model has received over 40,000 subscriptions from individual customers, as well as 21,000 pre-orders from fleet owners such as 
 <a href="https://sp-edge.com/updates/15722">
 Arval
 </a>
 , Athlon, LeasePlan, and MyWheels.
 
 
 In July 2022, Lightyear partnered with 
 <a href="https://sp-edge.com/updates/11799">
 Valmet Automotive
 </a>
 to produce Lightyear 0 at Valmet&rsquo;s manufacturing facility in Uusikaupunki, Finland. A maximum of 946 Lightyear 0&rsquo;s will be produced. Additionally, in August 2022, Lightyear 
 <a href="https://sp-edge.com/updates/12007">
 partnered
 </a>
 with Koenigsegg, a Swedish high-performance sports car manufacturer, to jointly develop innovative EV technologies and optimize Koenigsegg&rsquo;s proprietary technologies to improve the energy efficiencies of Lightyear&rsquo;s second model, Lightyear 2. Additionally, in October 2022, the company acquired the technological design for drivetrain inverters from 
 <a href="https://sp-edge.com/updates/14036">
 Next Level Electronics
 </a>
 .
 
 
 In December 2021, Lightyear announced a 3 year partnership with LeasePlan where it promised 5,000 Lightyear Two vehicles for its fleet. The company is also partnering with The Sharing Company (Netherlands) to supply 
 <a href="https://sp-edge.com/updates/9823">
 5,000
 </a>
 Lightyear Two vehicles for its MyWheels car-sharing platform by 2025.&nbsp;
 
 
 In 
 <a href="https://sp-edge.com/updates/12809">
 September 2022
 </a>
 , Lightyear raised EUR 81 million (~USD 80.4 million) in funding for the production of Lightyear 0 in late 2022 and to also ensure the continued achievement of development milestones for Lightyear 2.
 
 
 In May 2021, Lightyear received a strategic investment of EUR 20 million (~USD 23 million) from the Dutch trading company SHV. In March 2021, the company raised EUR 40.2 million (~USD 48 million) in a venture round led by Zero Point Holding. The funds were expected to support commercialization and growth.
 
 
 
 
 
</div>

Lightyear

<div>
 
 India-based ION Energy provides battery management system (BMS) hardware and battery intelligence software solutions. The company&rsquo;s &ldquo;Maxwell&rdquo; BMS optimizes lithium-battery use in electric two and three-wheelers, passenger and commercial EVs, industrial EVs, and stationary battery energy storage systems to improve efficiency, safety, and longevity of batteries. The company&rsquo;s battery simulation software Altergo leverages data science and machine learning to extract data from batteries and to mirror its performance on a digital platform for remote monitoring and predictive analysis.
 
 
 As of June 2021, the company had deployed over 60,000 Maxwell units for more than 75 mobility and energy storage customers across 15 countries including India, France, Spain, and the US. Altergo also focused on helping owners and operators of battery fleets to improve the operational efficiency of their assets after deployment. It partnered with the US energy storage developer esVolta to deploy the software across its entire portfolio of battery storage systems totaling 581 MWh.&nbsp;
 
 
 In June 2021, the company raised USD 3.6 million in pre-Series A funding to expand its team, invest in product development, and grow its software business in North America and Europe. 
 
 
 
</div>

Lucid Motors

Recent Updates

Lucid Group’s operating loss up 29% YoY in Q1 2023

Lucid Group reports Q4 2022 and full-year results

Lucid raises ~USD 1.5 billion in funding

Lucid enters into multi-year agreement with Panasonic Energy

Lucid’s Q3 2022 operating loss up by 38% YoY

Lucid launches its first Middle East studio in Saudi Arabia

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