Saudi Arabia invests $1 billion in electric carmaker Lucid Motors

A serious rival to Tesla

Saudi Arabia’s Public Investment Fund (PIF) has agreed to invest more than $1 billion in Lucid Motors, adding to the emerging competition facing U.S. electric vehicle maker Tesla Inc. The funding will enable Silicon Valley-based Lucid to achieve the commercial launch of its Lucid Air electric vehicle in 2020, PIF said in an announcement on Monday. Lucid joins Daimler-owned  Mercedes, BMW and Volkswagen’s  Audi and Porsche divisions in the battle for dominance in the market for premium battery cars.
In August, Tesla founder Elon Musk said the Saudi sovereign wealth fund could help him to take his company private. The Lucid investment, which PIF said is more than $1 billion but did not give an exact figure, is also part of Saudi Arabia’s plan to build an environmentally friendly economy, to diversify the kingdom away from reliance on crude oil.

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