The Saudi Arabia Public Investment Fund (PIF) announced today that it will invest more than $1-billion in Lucid Motors, enabling the Silicon Valley-based company to achieve the commercial launch of its Lucid Air electric vehicle in 2020. “By investing in the rapidly expanding electric vehicle market, PIF is gaining exposure to long-term growth opportunities, supporting innovation and technological development and driving revenue and sectoral diversification for the Kingdom of Saudi Arabia,” said a PIF representative. Continue reading for a video of the incredible Lucid Air and more information.
“Based in Newark, California, Lucid Motors was founded in 2007 as Atieva by Bernard Tse, a former Tesla vice president and board member, and Sam Weng, a former executive at Oracle Corp and Redback Networks. The funding, which will be made through a special-purpose vehicle wholly owned by PIF, will be used by Lucid to complete development and testing of the Lucid Air, construct a factory in Arizona and start production of the car,” according to Yahoo News.