News

PIF increases stake in Aston Martin

Nov 09, 2023 By Nik Pratt
PIF ups stake aston martinSaudi wealth fund, the Public Investment Fund (PIF), has increased its holding in British luxury carmaker Aston Martin. A regulatory filing showed that the state-owned PIF has a 20.5% share in the iconic British brand, up from 17.9%. The change puts the wealth fund ahead of other shareholders, including Chinese businessman Li Shufu, chair of Chinese automotive firm Geely. The shares have been awarded to Lucid Group, the electric car manufacturer controlled by PIF. Earlier this year, Aston Martin struck a long-term technology partnership with Lucid for a $2.5 billion electrification project. News of the increased stake comes amid Aston Martin incurring operating loss worth $58.8 million operating loss for Q3. It also witnessed share prices plunge by 11% after disclosing production problems with its new DB12 model. ©2023 funds global mena

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