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An electric vehicle provider in Silicon Valley has just secured a $ 1 billion investment from the Saudi Public Investment Fund.
No, not Tesla. We are talking about his potential competitor, Lucid Motors, which is located right next to the Tesla headquarters in Fremont, California.
The luxury electric vehicle brand has announced this injection of funds this week, saying it would use these funds to move forward with its "killer" Tesla Model S, which is expected to be launched in 2020 and build its factory at Casa great. Arizona.
A sound reminiscent of Tesla? That's because that's after Tesla's CEO, Elon Musk, tweeted about securing financing to take the private company last month, it was revealed that Saudi Arabia had bought 5 % of the publicly traded company or invested nearly $ 2 billion. An agreement was almost reached with the Saudi fund to buy Tesla from the public market. But that did not happen.
Model S is on the road.
Lucid Air is expected to arrive in 2020.
Tesla and Musk have faced problems, especially production problems with the more affordable Model 3 sedan. Saudi Arabia seems intent on being at the forefront of electric vehicles, no matter where it takes them.
Lucid has been around for a decade, and the Lucid Air debuted at the Los Angeles auto show almost two years ago. The prototype vehicle is equipped with a powerful battery, high-tech features, a canopy and a stand-alone design. Even former Tesla employees have moved to Lucid.
Now, Saudi Arabia gives the private business almost as much as investing in Tesla. Is there enough space on the road for both electric vehicles? Lucid, unlike Tesla, has not yet put products in customers' garages. But this billion dollars will certainly help.
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