The $20 billion winner of the American EV startup boom: Saudi Arabia
Live MintThe single biggest financial beneficiary of the recent U.S. electric-vehicle startup boom is an unlikely candidate: the world’s largest exporter of oil. The kingdom of Saudi Arabia stands to record a profit of nearly $20 billion on a $2.9 billion investment in Lucid Motors Inc., a San Francisco Bay Area electric-car maker that is set to list publicly after it completes a merger with a special-purpose acquisition company Friday. The Saudi Public Investment Fund will own over 60% of the company, which is expected to have a market capitalization of about $36 billion based on the SPAC’s current share price. Other bets by the Saudi fund included a $3.5 billion investment in ride-hailing company Uber Technologies Inc. and over $400 million in augmented-reality company Magic Leap. In the single largest move, Prince Mohammed committed $45 billion toward the SoftBank Vision Fund, the biggest check behind the largest private investment fund ever raised.
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