Lucid

Newark based EV manufacturer and potential Tesla rival Lucid Motors has now closed on its previously speculated $1 billion+ investment deal with Saudi Arabia’s sovereign wealth fund providing the company with vast capital to invest in production after several years since its launch and various unveilings.

Lucid now aims to launch its first electric vehicle, The Lucid Air by 2020 with this funding providing good advantage for its operations.

The vehicle will come at a starting price of $60,000 according to Lucid and is set to built in an Arizona plant the company aims on completing with this investment.

“By investing in the rapidly expanding electric vehicle market, PIF is gaining exposure to long-term growth opportunities, supporting innovation and technological development and driving revenue and sectoral diversification for the Kingdom of Saudi Arabia.” A spokesperson for the Public Investment Fund said in a statement.

Lucid

“PIF’s international investment strategy aims to strengthen PIF’s performance as an active contributor in the international economy, an investor in the industries of the future and the partner of choice for international investment opportunities. Our investment in Lucid is a strong example of these objectives.” The spokesperson added.

Based out of Silicon Valley, Lucid is aiming to deliver the most captivating luxury electric vehicles centered around the human experience with vast efforts put in by its engineering team which it also aims to boost with this new investment along with other key factors.

“The convergence of new technologies is reshaping the automobile, but the benefits have yet to be truly realized. This is inhibiting the pace at which sustainable mobility and energy are adopted. At Lucid, we will demonstrate the full potential of the electric connected vehicle in order to push the industry forward”, The company’s CEO Peter Rawlinson stated.

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