RiyadhOne Saudi fund owns Lucid and its new rival.
Focus2Move estimates Lucid’s sales in Saudi Arabia fell 57% in 7 months while BYD’s rose 369%.
The Public Investment Fund holds about 58% of Lucid, put in about $8 billion, and majority-owns Ceer.
Consultant Bill Russo says the Exobot, promising over 1,100 horsepower, sits closer to Lucid’s premium segment than BYD’s.
Ceer promises deliveries in March 2027 from its plant near Jeddah and has announced no prices.
How each outlet framed it
- Rest of World
- frames Ceer as PIF hedging against Lucid underperformance (60% decline, no profit), Saudi Arabia competing against itself while BYD dominates
Sources: Rest of World