Hyperdrive
Saudi Fund Breathes New Life Into Lucid After Going Quiet on Musk
- EV upstart secures $1 billion to get Air sedan into production
- Public Investment Fund went quiet during Tesla go-private saga
This article is for subscribers only.
Until recently, electric-car startup Lucid Motors Inc. was in dire financial straits. Saudi Arabia has come to the rescue.
Just weeks after it emerged that the kingdom’s Public Investment Fund had built a stake in Tesla Inc., the sovereign wealth giant signed an agreement to invest more than $1 billion in Lucid, which is aspiring to take on the Elon Musk-led company.