For PIF, the Lucid (LCID.O) bet is proving challenging.
"The EV manufacturing plan is still one of the boldest parts of the Saudi plan," said Justin Alexander, director at Khalij Economics and Gulf analyst at GlobalSource Partners.
Its investment was worth about $17.4 billion in mid-2022, the wealth fund's bond prospectus showed, and around $26 billion when Lucid was listed in 2021.
The Saudi government has agreed with Lucid to buy up to 100,00 of its vehicles over the next decade.
"Rather than fixing on short term results, the future of PIF's stake in Lucid will be dependent on the plans to build a Lucid factory in Saudi, on taking Lucid private again and/or on the potential integration with Ceer," said Global SWF Managing Director Diego Lopez of plans for a new Saudi EV maker.