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© Lucid Motors Electronics Production | September 18, 2018

EV manufacturer signs $1bn+ investment with Saudi Arabian fund

Lucid Motors announces that the company has executed a USD 1+ billion investment agreement with the Public Investment Fund (PIF) of Saudi Arabia.
The transaction represents a major milestone for Lucid and will provide the company with the necessary funding to commercially launch its first electric vehicle, the Lucid Air, in 2020.

The electric car company plans to use the funding to complete engineering development and testing of the Lucid Air, construct its factory in Casa Grande, Arizona, begin the global rollout of its retail strategy starting in North America, and enter production for the Lucid Air, a press release reads.

“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,” says Peter Rawlinson, Chief Technology Officer of Lucid, in the release.

Lucid will work closely with PIF to ensure a strategic focus on quickly bringing its products to market at a time of rapid change in the automotive industry.

A spokesperson for PIF said, “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.”

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October 15 2018 11:56 pm V11.6.0-2