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Saudi Wealth Fund to Invest $1 Billion in Tesla's Rival Lucid
- Funding will enable EV maker to roll out Air sedan in 2020
- Saudi Arabia diversifying investments after drop in oil prices
The Lucid Motors Air electric car.
Source: Lucid
Saudi Arabia’s sovereign wealth fund signed an agreement to invest more than $1 billion in aspiring electric-car maker Lucid Motors Inc., months after building a stake in Elon Musk-led Tesla Inc.
The deal clinches crucial funding needed for Lucid to start making its first model, the Air sedan, in 2020. The Silicon Valley-based startup is years behind schedule in building a plant in Arizona and starting production of the car that it’s said will start at $60,000.