Mohammed Bin Salman-Led PIF, Which Owns Lucid, Announces Partnership With Three Electric Motorsport Series
Portfolio Pulse from Anan Ashraf
Saudi Arabia's Public Investment Fund (PIF), the majority owner of Lucid Group Inc (NASDAQ:LCID), has announced a multi-year partnership with electric motorsport series Formula E, Extreme E, and E1. The partnership, named Electric 360, aims to support the growth of electric motorsports through leadership events, STEM initiatives, and community apprenticeship programs. Financial details were not disclosed. PIF's involvement in electric mobility, including its 60% ownership of Lucid and partnership with Foxconn to form Ceer Motors, aligns with Saudi Arabia's diversification from oil.
January 23, 2024 | 3:37 am
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PIF, the majority owner of Lucid Group Inc, has entered a partnership with electric motorsport series to promote electric mobility. This could enhance Lucid's brand recognition and align with its sustainability goals, potentially positively impacting investor sentiment.
The partnership announced by PIF may indirectly benefit Lucid by associating the brand with sustainable and innovative electric motorsport initiatives. This could improve brand visibility and reputation, which might lead to a positive short-term impact on LCID's stock price. However, without financial details, the direct financial impact remains unclear.
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