Saudi’s Public Investment Fund to Invest in Lucid Motors
Saudi Arabia-based public investment fund is reportedly looking to invest in Lucid Motors, a Newark, CA-based electric car maker which is also a rival of Elon Musk’s Tesla.
The amount of the fund is expected to be more than $1 billion and the fund ownership of the company will be transferred as stated by the reports. Under this particular deal, the fund will provide an initial investment of $500 million and then make two subsequent investments if Lucid hits certain production targets.
Lucid Motors was established in 2007 by Sam Weng (former Oracle executive) and Bernard Tse (former Tesla vice president). The companies that have backed Lucid include Venrock and Tsing Capital. Unlike Tesla, the company has yet to release any cars on the open markets.
However, the previous year Lucid...