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Tesla competitor backed with USD 1 billion

US-based electric carmaker Lucid Motors has just received a big capital injection from Saudi Arabia.

Photo: Tesla

The Saudi Arabian Public Investment Fund (PIF) has entered a deal with Lucid Motors Inc. and is investing up to USD 1 billion in the company. As Lucid Motors makes electric cars, the company will compete with Tesla for market shares, reports Bloomberg News.

The agreement provides Lucid Motor with capital for building up production line for its first car – Air – which is already delayed. Production should have started in 2018 but is now expected to begin in 2020.

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