Shares of Lucid Motors, the luxury electric vehicle manufacturer backed by Saudi Arabia's Public Investment Fund (PIF), have surged more than 90 per cent since the start of this year amid speculation that the sovereign wealth fund plans to buy out the company.
Shares of the California-based company have jumped more than a third since January 23 through to the close of trading on Monday, according to market data.
That made Lucid the third-highest gainer and the sixth most traded stock on the Nasdaq on Friday, after speculation that appeared to have started on the daily deals website Betaville.
In pre-market trading alone on Monday, Lucid's volume surpassed 17 million; the company's average session trading volume is about 30 million. The stock eventually pared gains, down 1.87 per cent in after-hours trading.
However, the company's stock price is down more than 60 per cent from a year ago. For all of 2022, it plunged 84 per cent, worse than Tesla's 70 per cent plunge amid chief executive Elon Musk's contentious takeover of Twitter.
Lucid has not commented on the speculation. The PIF, Saudi Arabia's sovereign wealth fund that owns 65 per cent of Lucid, did not respond to a request for comment from The National.
The global EV market continues to grow amid a government and societal shift towards energy conservation, with both the consumer and commercial verticals tapping into the technology's potential.
Innovation and sustainability are among the key pillars of Saudi Arabia's Vision 2030 programme, a major economic diversification drive to reduce its reliance on oil and tap into other high-growth industries.
The continuing focus on more environmentally friendly vehicles presents an opportunity for EV brands and their investors. Saudi Arabia, the Arab world's biggest economy, aims to boost its EV production and tap into this potential.
The global EV market is expected to expand to more than 39.2 million units by 2030, from about 8.15 million in 2022, a near 22 per cent compound annual growth rate (CAGR), according to data from research firm Markets and Markets.
The sector's value is forecast to hit more than $1.1 trillion by 2030, from an estimate of $208.6 billion in 2022, at a CAGR of more than 23 per cent, a study from Precedence Research showed.
Having Lucid in its green arsenal will boost Saudi Arabia's goals of becoming a leader in the EV industry. The kingdom announced Ceer, its first EV maker, in October, a partnership with Foxconn, the Taiwanese semiconductor maker and major parts supplier to Apple.
Later that month, Ceer bought land worth $96 million in King Abdullah Economic City, where it plans to build its factory.
The PIF bought into Lucid in 2018, investing $1 billion in the company that is competing with Tesla.
In February 2021, the PIF, US investment firm BlackRock and others poured an additional $2.5 billion into Lucid.
Last year, Lucid chairman Andrew Liveris said the company planned to build a factory in Saudi Arabia by 2025 or 2026.
“Now that we are successfully producing and selling cars in the US, our attention is turning to this factory here,” he said at that time. The factory aims to produce 155,000 cars per year.
In August, Lucid announced plans to raise $8 billion through new offerings as the company aims to boost production.
Lucid's market capitalisation on Monday was at $21.63 billion, compared with Tesla's $522.22 billion value.
Lucid makes the $169,000 Air Dream Edition limited production saloon car. However, it has been struggling to deliver the vehicles having shipped out only 4,369 in 2022.
Its three other models are the Air Pure, Air Touring and Air Grand Touring.
The cut-throat competition in the EV market is also making things more challenging. Tesla's price cuts, which the car maker made to boost sales, are also preventing Lucid and other smaller players from cornering market share.
Tips to avoid getting scammed
1) Beware of cheques presented late on Thursday
2) Visit an RTA centre to change registration only after receiving payment
3) Be aware of people asking to test drive the car alone
4) Try not to close the sale at night
5) Don't be rushed into a sale
6) Call 901 if you see any suspicious behaviour
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
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if you go
The flights Fly Dubai, Air Arabia, Emirates, Etihad, and Royal Jordanian all offer direct, three-and-a-half-hour flights from the UAE to the Jordanian capital Amman. Alternatively, from June Fly Dubai will offer a new direct service from Dubai to Aqaba in the south of the country. See the airlines’ respective sites for varying prices or search on reliable price-comparison site Skyscanner.
The trip
Jamie Lafferty was a guest of the Jordan Tourist Board. For more information on adventure tourism in Jordan see Visit Jordan. A number of new and established tour companies offer the chance to go caving, rock-climbing, canyoning, and mountaineering in Jordan. Prices vary depending on how many activities you want to do and how many days you plan to stay in the country. Among the leaders are Terhaal, who offer a two-day canyoning trip from Dh845 per person. If you really want to push your limits, contact the Stronger Team. For a more trek-focused trip, KE Adventure offers an eight-day trip from Dh5,300 per person.
Name: Peter Dicce
Title: Assistant dean of students and director of athletics
Favourite sport: soccer
Favourite team: Bayern Munich
Favourite player: Franz Beckenbauer
Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Warlight,
Michael Ondaatje, Knopf
Tuesday's fixtures
Kyrgyzstan v Qatar, 5.45pm
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The specs: 2018 Alfa Romeo Stelvio
Price, base: Dh198,300
Engine: 2.0L in-line four-cylinder
Transmission: Eight-speed automatic
Power: 280hp @ 5,250rpm
Torque: 400Nm @ 2,250rpm
Fuel economy, combined: 7L / 100km
The specs: 2017 Lotus Evora Sport 410
Price, base / as tested Dh395,000 / Dh420,000
Engine 3.5L V6
Transmission Six-speed manual
Power 410hp @ 7,000rpm
Torque 420Nm @ 3,500rpm
Fuel economy, combined 9.7L / 100km
The%20specs%20
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The specs
Engine: 2.9-litre, V6 twin-turbo
Transmission: seven-speed PDK dual clutch automatic
Power: 375bhp
Torque: 520Nm
Price: Dh332,800
On sale: now
UAE currency: the story behind the money in your pockets
Mohammed bin Zayed Majlis
More from Neighbourhood Watch:
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
Chef Nobu's advice for eating sushi
“One mistake people always make is adding extra wasabi. There is no need for this, because it should already be there between the rice and the fish.
“When eating nigiri, you must dip the fish – not the rice – in soy sauce, otherwise the rice will collapse. Also, don’t use too much soy sauce or it will make you thirsty. For sushi rolls, dip a little of the rice-covered roll lightly in soy sauce and eat in one bite.
“Chopsticks are acceptable, but really, I recommend using your fingers for sushi. Do use chopsticks for sashimi, though.
“The ginger should be eaten separately as a palette cleanser and used to clear the mouth when switching between different pieces of fish.”
Race results:
1. Thani Al Qemzi (UAE) Team Abu Dhabi: 46.44 min
2. Peter Morin (FRA) CTIC F1 Shenzhen China Team: 0.91sec
3. Sami Selio (FIN) Mad-Croc Baba Racing Team: 31.43sec
MATCH INFO
Argentina 47 (Tries: Sanchez, Tuculet (2), Mallia (2), De La Fuente, Bertranou; Cons: Sanchez 5, Urdapilleta)
United States 17 (Tries: Scully (2), Lasike; Cons: MacGinty)
Napoleon
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SPECS
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More on Quran memorisation:
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
