The increase was as a result of the rise in the value of the electric car maker’s shares RIYADH: The value of the Saudi Public Investment Fund’s stake in Lucid Motors Co. increased by $13 billion in the last quarter of 2021. PIF held a stake worth $38.6 billion in Lucid as of December 2021, up from $25.8 billion at the end of September, Ashraq reported, citing a US regulatory disclosure. The increase was as a result of the rise in the value of the electric car maker’s shares. Despite Lucid shares falling by 28 percent at the beginning of the year, the listing of the vehicle manufacturer in July last year constituted a strong boost for the Saudi sovereign wealth fund, Ashraq reported.