In a move signaling Saudi Arabia’s deepening involvement in the global automotive industry, the kingdom’s sovereign wealth fund, the Public Investment Fund (PIF), has increased its stake in iconic luxury carmaker Aston Martin to 20.5%, up from 17.9%. Aston Martin, known worldwide for its association with the fictional spy James Bond, now sees the PIF as its largest shareholder, surpassing both Chinese entrepreneur Shufu Li and Geely. The boost in PIF’s ownership comes as part of a broader collaboration with Lucid Group, PIF-backed and a key player in the electric vehicle (EV) sector, with Lucid’s unit Atieva also revealing a 3.44% stake in Aston Martin. This strategic alliance, initiated in June, positions Lucid as a technological partner for Aston Martin, providing advanced EV technology, including a rear drive unit, battery modules, and software integration systems.
This move aligns with the PIF’s ongoing efforts to drive diversification in the Kingdom’s economy, particularly in the automotive sector. Building on their commitment to innovation, the PIF, in partnership with Foxconn, has already laid the groundwork for Ceer, Saudi Arabia’s first national EV brand, set to contribute significantly to the country’s GDP by 2034. Additionally, PIF’s recent initiatives include partnerships to establish a network of fast EV chargers and the launch of Tasaru Mobility Investments, aimed at fostering the development of Saudi Arabia’s EV and autonomous mobility ecosystem. Aston Martin’s narrowing pretax losses for Q3 2023 further highlight the strategic trajectory of the company amidst these dynamic industry shifts.