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Lucid Group, Inc. is a publicly traded company controlled by Saudi Arabia’s Public Investment Fund (PIF) through its affiliate Ayar Third Investment Company. Lucid’s 2026 proxy statement reports that PIF held 60% of the company’s voting power. Lucid began in 2007 as Atieva, a battery-systems business, before shifting toward luxury electric cars in 2013.
Who owns Lucid Motors?
Lucid is not wholly owned by Saudi Arabia. It is a public company with other shareholders, but Lucid’s 2025 Form 10-K identifies Ayar Third Investment Company, a PIF affiliate, as Lucid’s controlling stockholder. The filing describes PIF as Saudi Arabia’s sovereign wealth fund. Lucid’s 2025 Form 10-K
![Hot Wheels Lucid Air, Factory Fresh 1/5 [Black] 97/250](https://m.media-amazon.com/images/I/51NZSEytZrL._SL160_.jpg)
Lucid’s 2026 proxy statement reports that PIF had 229,947,163 common shares and 175,000 preferred shares, representing 60% of voting power. That percentage is a filing-reported snapshot, not a permanent figure; voting power and shareholdings can change. Lucid’s 2026 proxy statement
The proxy also reports that Uber Technologies filed a Schedule 13G on April 20, 2026, disclosing approximately 11% beneficial ownership based on Lucid common shares outstanding on March 15, 2026. This is a different measure from PIF’s 60% voting power and is tied to its stated share-count date; the percentages should not be treated as directly interchangeable.
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#1 Best Overall
- Officially licensed Lucid Air - modern luxury electric vehicle as a detailed Hot Wheels model
- Elegant dark red metallic finish with black roof for a high-quality, futuristic look
- Streamlined sedan silhouette with clean lines and aerodynamic design
- Stylish silver black aero rims to match the vehicle's EV character
- Part of the HW Green Speed Series 2026 - 6/10 - Focus on modern, environmentally oriented performance vehicles. 2026 Hot Wheels Mainline Number 59/250 - Fixed Serial Number with Collector Value
How did Lucid Motors start?
2007: Atieva focused on battery systems
Lucid’s company-reported history dates its formation to 2007, when it set out to develop battery systems for sedans, motorcycles, vans and buses. The business was not yet a carmaker selling vehicles under the present public-company structure. Its early work centered on batteries and powertrain technology for vehicle makers. Legacy Lucid’s legal name was Atieva, Inc., doing business as Lucid Motors. Lucid’s 2022 proxy statement Lucid’s 2025 Form 10-K
2013: The pivot toward luxury electric vehicles
According to Lucid’s 2022 proxy, the company began shifting toward luxury electric vehicles in 2013. The proxy links that change in direction to then-Chief Technology Officer Peter Rawlinson. The Lucid Air became the central expression of the move from supplying vehicle technology to building complete cars. Lucid says customer deliveries of the first Air Dream Edition models began in October 2021. Lucid’s 2022 proxy statement
How did PIF become Lucid’s controlling shareholder?
On September 17, 2018, PIF announced that it had executed an investment agreement of more than US$1 billion with Lucid through a special-purpose vehicle wholly owned by the fund. PIF said the investment would support Air engineering development and testing, construction of Lucid’s Arizona factory, and the commercial launch of its first electric vehicle. That was the purpose stated for the 2018 agreement; the amount is not a current valuation or a current ownership percentage. PIF’s September 2018 announcement
In that announcement, 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”. The statement expressed the company’s ambition at the time, rather than demonstrating that the goal had been achieved.
Rank #3
![Hot Wheels 2022 - Lucid Air - HW Green Speed 4/5 [Silver] 147/250](https://m.media-amazon.com/images/I/51PdXUtfUhL._SL160_.jpg)
- Hot Wheels 2022 Collection: Features the Lucid Air model from the HW Green Speed series, number 4 of 5 in the themed collection
- Limited Edition Release: Numbered 147 out of 250 in the 2022 Hot Wheels mainline series, making it a collectible item
- Silver Finish: Showcases a sleek silver paint scheme that highlights the modern electric vehicle design of the Lucid Air
- Authentic Detailing: Precision die-cast metal body with realistic features that capture the essence of the actual Lucid Air luxury electric sedan
- Collector Series: Part of the HW Green Speed collection celebrating environmentally conscious and electric vehicle technology in 1:64 scale
When did Lucid become a public company?
Lucid became a public company after its merger with Churchill Capital Corp IV closed on July 23, 2021. The combined company became Lucid Group, Inc.; Atieva survived as a wholly owned subsidiary of the public company. That structure helps explain why “Lucid Motors” is commonly used for the automaker, while Lucid Group, Inc. is the public-company name. Lucid’s 2025 Form 10-K
Quick Recap
Rank #4
![Hot Wheels Lucid Air, Factory Fresh 1/5 [Gold] 97/250](https://m.media-amazon.com/images/I/41nX-pKEQoL._SL160_.jpg)
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