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Saudi Arabia's new EV brand to rival Lucid, a firm it already controls

Original: Awkward: Saudi Arabia’s new EV brand takes on the U.S. rival it already controls

Saudi Arabia's electric vehicle brand Ceer is preparing to compete against Lucid Motors, the California-based EV maker in which Saudi Arabia's Public Investment Fund already holds a controlling stake. The arrangement puts the kingdom in the unusual position of backing two rival automakers as it pushes to build a domestic EV industry. Commentators are highlighting the awkwardness of the overlap.

Why now: The unusual conflict of interest of a state-controlled fund owning rival EV makers has drawn fresh attention with the brand's launch.

Saudi ArabiaCeerLucid MotorsPublic Investment Fund

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