Saudi Arabia’s Public Investment Fund (PIF) has increased its stake – via Lucid Motors - in Aston Martin to 20.5 percent, according to a regulatory filing on the London Stock Exchange.

According to GlobalData’s deals database, the fund’s shareholding went up by 2.6 percentage points from 17.9 percent through Lucid Group’s holding, placing PIF ahead of Geely chairman and Chinese entrepreneur Shufu Li on Aston Martin’s shareholder list. Aston Martin chair Lawrence Stroll remains the top shareholder at the carmaker.

The sovereign fund-backed Lucid Group signed a deal with the British luxury carmaker in June to help Aston Martin produce high-performance electric vehicles (EVs) from 2025. The agreement will establish a long-term strategic technology partnership that will elevate Aston Martin’s electrification strategy.

Aston Martin will integrate Lucid’s powertrain and battery systems in contracts worth ‘in excess’ of $450m. Included are Lucid’s high-performance twin motor drive unit.

There were rumours this summer  that the Saudi Public Investment Fund (PIF) may acquire a large outright stake in Aston Martin.

Saudi Arabia’s PIF is spearheading efforts by Riyadh to diversify the economy and reduce reliance on fossil-fuel exports.

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