Saudis clearly not afraid to invest some cash directly into International EV/Mining companies.
60% of 3bn.
"Earlier this year Saudi Arabia signed an agreement with EV Metals, an Australian battery manufacturer, to develop a lithium hydroxide plant that will be in production in 2026.
Lithium processing is highly energy intensive and Sage said Saudi Arabia was an attractive location for a processing facility because of its cheap energy. Saudi Arabia aims to produce 500,000 vehicles a year by 2030, including those produced in the country by US-based Lucid Motors, in which its sovereign fund the Public Investment Fund acquired a majority stake.
Lucid, which has struggled over the past few years, said on Wednesday it would raise $3bn in a stock offering, with 60 per cent of the funds coming from the PIF. The wealth fund, which is chaired by Crown Prince Mohammed bin Salman, has also started its own electric-vehicle manufacturer, Ceer, which is planning to produce 170,000 vehicles a year, in conjunction with Foxconn and BMW."
EUR Price at posting:
8.6¢ Sentiment: Buy Disclosure: Held
