Saudi Wealth Fund in Talks with Lucid for Car Factory, FT Says
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Lucid Motors Inc. is in talks with Saudi Arabia’s sovereign wealth fund to build an electric vehicle factory in the kingdom, the Financial Times reported, citing an interview with the fund’s governor, Yasir Al-Rumayyan.
Bloomberg reported earlier this month that Lucid is in talks with the kingdom’s Public Investment Fund to build a factory potentially near the Red Sea city of Jeddah. The company raised more than $1 billion from the PIF in 2018, an investment that was conditional on the firm developing a site in Saudi Arabia, people familiar with the matter said.