PIF has Boosted Stake in Aston Martin, Becomes Top Shareholder
Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), has boosted its ownership in the renowned luxury carmaker Aston Martin.
As per a recent filing on the London Stock Exchange, PIF has boosted its stake in Aston Martin, elevating its ownership from 17.9 percent to 20.5 percent.
This strategic move has positioned PIF as a major shareholder, surpassing the holdings of both Geely and Chinese entrepreneur Shufu Li in the luxury car manufacturer.
With this 2.6 percent rise, PIF now stands as the leading shareholder in the UK-based firm.
However, Aston Martin's chair, Lawrence Stroll, retains the top position as the major shareholder in the carmaker, famous for its association with the fictional spy James Bond.
The additional shares were allocated to Lucid Group, a company backed by PIF.
In a related development, Lucid's unit Atieva disclosed its ownership of a 3.44 percent stake in Aston Martin on November 8.
PIF has Boosted Stake in the Automotive Realm
This move follows the strategic technology partnership established between Lucid and Aston Martin in June.
Under the agreement, Lucid, a US-based electric vehicle manufacturer, will provide Aston Martin with advanced technology, including a rear drive unit with twin motors, battery modules, and software integration systems.
In September, Lucid announced the commencement of production at its first international manufacturing plant in Saudi Arabia's King Abdullah Economic City.
The facility is expected to assemble over 155,000 electric vehicles annually.
The PIF, recognized as a key player driving Saudi Arabia's economic diversification, has made significant investments in the automotive sector.
This includes the establishment of the nation's first electric vehicle brand, Ceer, in collaboration with Foxconn.
Ceer is projected to contribute SR30 billion ($7.9 billion) to Saudi Arabia's GDP by 2034, according to the Ministry of Industry and Mineral Resources.
In August, the PIF, in partnership with Saudi Electricity Co., announced plans to deploy 5,000 fast electric vehicle chargers across the Kingdom by 2030.
Additionally, the fund launched Tasaru Mobility Investments in October to enhance electric vehicle manufacturing and promote local supply chain capabilities.
In the latest financial update, Aston Martin revealed a narrowed pretax loss of $142.9 million for the third quarter of this year, compared to the $227.2 million loss reported during the same period last year.
Source: Arab News
