Lucid Gets Labeled 'Saudi-Owned' By Twitter Users After Putting Out A Fourth of July Post

EV company Lucid Motors LCID took to Twitter to wish everyone a happy Fourth of July, only to be slammed by the Twitter community.

What Happened: “We're proud to be an American electric vehicle company, owned and operated in the United States,” Lucid wrote on the post wishing everyone a happy independence day. The company added that its Lucid Air vehicle is designed in California and assembled in Arizona.

However, Twitterati noted on community notes and the comments that though Lucid’s parent Lucid Group is incorporated in the U.S., the EV maker is mostly owned by Saudi Arabia’s Public Investment Fund (PIF).

While Twitter users debated on what makes a company ‘American’ in the comments, others touted Tesla as a more American EV while others pointed out that a significant proportion of Tesla vehicles are made in China. Some in the comments also appreciated Twitter’s community notes feature which allows people to add helpful notes to tweets that may be deemed misleading.

Why It Matters: Saudi’s PIF owns more than 60% of Lucid. Only last week, the PIF increased its stake in the company through a private placement. It acquired 265.7 million shares at a premium price of $6.83 per share, generating approximately $1.82 billion in gross proceeds.

This increased PIF’s ownership stake to 60.49%, with 1.367 billion shares having shared voting rights and 8.04 million shares with sole voting rights.

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