Saudi wealth fund plunges $1bn into Tesla rival Lucid

Source Lucid

Source Lucid

Saudi Arabia's sovereign wealth fund on Monday announced it will invest more than $1 billion into electric vehicle start-up Lucid Motors.

The Saudi Public Investment Fund (PIF) said the investment will help the 11-year-old company launch its first electric vehicle, the Lucid Air, by 2020.

The investment comes a few weeks after Tesla Inc.

The $1bn deal is the latest in a series of investments by. Rumors of the PIF's investment in Lucid started circulating in August, around the time when the PIF was also rumored to be involved in taking Tesla private.

In a statement, a spokesperson for Saudi Arabia's sovereign wealth fund said "This investment in the electric vehicle industry, which is now experiencing rapid growth, is an added value to the Fund's portfolio which aims to achieve long-term, growing returns".

The Lucid Air is very much a luxury vehicle in the mould of Tesla
The Lucid Air is very much a luxury vehicle in the mould of Tesla

PIF seeks to become one of the largest and most impactful sovereign wealth funds in the world, enabling the creation of new sectors and opportunities that will shape the future global economy, while driving the economic transformation of Saudi Arabia.

A PIF spokesperson declined to say whether it had invested in Tesla.

The fledgling automaker will use this investment to finish the development and testing of its first vehicle, the Air, in addition to constructing Lucid's upcoming factory in Casa Grande, Arizona. This is inhibiting the pace at which sustainable mobility and energy are adopted.

PIF has already made substantial commitments to other environmentally friendly projects, including renewables and recycling, and to technology companies or investments, including a $45 billion agreement to invest in a giant technology fund led by Japan's SoftBank Group Corp.

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