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Lucid Group (LCID) – Introduction and background |
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Lucid Group is a producer of luxury electric cars. Competing for position in this small but high-value market, Lucid Group has established a strong presence. The company was founded by a former TESLA executive, Bernard Tse, alongside Astoria Networks’ Sam Weng, and inventor Sheaupyng Lin.
Initially founded under the name Atieva, Lucid Group is primarily known for its subsidiary Lucid Motors. The company produces grand tourers and other high-performance, high-cost electric vehicles for the luxury market, including via a partnership with Aston Martin.
Lucid Group is traded publicly on NASDAQ but is majority-owned by the Saudi sovereign wealth fund, Public Investment Fund since 2021. The company is also reliant on vast orders from the Saudi national government, who view Lucid Group as apart of a decarbonisation effort. Having a majority shareholder like this can provide the business with financial stability but limits the oversight of traditional investors.
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