Saudi's PIF invests over $1b in EV maker Lucid Motors

Saudi Arabia’s Public Investment Fund said on Monday it had agreed to invest more than $1 billion in Silicon Valley-based Lucid Motors to produce electric vehicles.

The deal, which follows a Reuters report last month that the two parties were in talks, will provide funding to enable the commercial launch of Lucid’s first electric vehicle, the Lucid Air, in 2020.

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