Lucid Motors is a publicly traded company, but its controlling shareholder is the Public Investment Fund of Saudi Arabia (PIF), acting through an affiliate called Ayar Third Investment Company. Lucid’s 2026 proxy statement reports PIF holding 60% of the voting power. The business began in 2007 as Atieva, a developer of battery systems, and only later moved into building luxury electric cars.
Who owns Lucid today
Lucid Group, Inc. is the listed parent. PIF is the controlling stockholder, and it holds that position through Ayar Third Investment Company, which Lucid’s 2025 Form 10-K describes as a PIF affiliate. The same filing refers to PIF as the sovereign wealth fund of Saudi Arabia.
The common mistake is to read “PIF controls Lucid” as “Saudi Arabia owns Lucid.” The first statement is an accurate description of control. The second is not. Lucid has other shareholders, and its shares trade on a public market. Control comes from PIF’s voting power, not from owning every share.
What the 2026 proxy reports
The ownership table in Lucid’s 2026 proxy statement lists the following for PIF, along with a separate large holder:
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| Holder | Figure reported | Measurement basis and date |
|---|---|---|
| Public Investment Fund (PIF) | 229,947,163 common shares | As listed in the 2026 proxy ownership table |
| Public Investment Fund (PIF) | 175,000 preferred shares | As listed in the 2026 proxy ownership table |
| Public Investment Fund (PIF) | 60% voting power | As reported in the 2026 proxy statement; this is a voting measure, not a share count |
| Uber Technologies, Inc. | Approximately 11% beneficial ownership | Based on a Schedule 13G filed April 20, 2026, measured against shares outstanding as of March 15, 2026 |
Voting power, beneficial ownership and public float are different measures. They can use different share counts and dates, so they should not be compared as if they were one number. The 60% figure is a snapshot from the 2026 proxy and can change as shares are issued, sold or converted. Check the most recent proxy and Schedule 13G filings on the SEC’s EDGAR database before quoting any percentage.
How Lucid became a public company
Lucid did not start as a listed car company. It was reorganized through a merger with Churchill Capital Corp IV, a special-purpose acquisition company. The merger closed on July 23, 2021. After closing, the combined public company was Lucid Group, Inc., and Atieva survived as a wholly owned subsidiary of that public company.
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This structure explains a common point of confusion. Atieva is the legal name of the older business that still exists inside the group, and Lucid is the brand and the public parent. Lucid’s 2025 Form 10-K gives the cleanest account of this chain.
How the company started
Lucid’s 2022 proxy statement, which presents the company’s own history, says the business was formed in 2007 to develop battery systems for sedans, motorcycles, vans and buses. The legal name of the original company was Atieva, Inc., and it did business as Lucid Motors. Its early work was technology for other vehicle makers, not a finished car.
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The shift toward luxury electric vehicles
According to the same 2022 proxy, the company began moving toward luxury electric vehicles in 2013. The proxy links that change to then-Chief Technology Officer Peter Rawlinson. Lucid’s own account says this path led to customer deliveries of the first Lucid Air Dream Edition in October 2021. The Air is the clearest example of the company moving from components into car manufacturing.
PIF’s 2018 investment
On September 17, 2018, PIF announced that it had executed an investment agreement with Lucid worth over US$1 billion. The money was routed through a special-purpose vehicle wholly owned by PIF. PIF’s announcement said the funds would support engineering development and testing of the Air, construction of Lucid’s Arizona factory, and the commercial launch of the company’s first electric vehicle.
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The announcement is a record of the agreement and its stated purpose in 2018. It does not establish the company’s current valuation, and the original amount should not be read as PIF’s present stake. In the same announcement, Peter Rawlinson, then Lucid’s Chief Technology Officer, said: “At Lucid, we will demonstrate the full potential of the electric connected vehicle in order to push the industry forward.” That was a statement of intent at the time, not a measure of what the company has achieved.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Checking ownership claims yourself
When you read a claim about who owns Lucid, these checks will help you judge it:
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- Confirm whether the claim refers to voting power, share count or beneficial ownership.
- Find the date of the filing it relies on. The 2026 proxy and the April 20, 2026 Uber filing are different dates.
- Distinguish PIF’s control from PIF’s ownership of every share. Lucid remains publicly traded.
- Be careful with the 2018 investment figure. It describes the original agreement, not today’s holdings.
Lucid’s history matters for these checks because the public company and the original startup are linked but not identical. The earlier battery business was folded into the group, and the car business grew from there.
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