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There is some interesting news to digest in the global EV industry.
The Saudi Public Investment Fund signed an agreement with Lucid Motors to invest more than $ 1 billion to help fund the electric vehicle manufacturer's planned launch of its Lucid Air model in 2020.
Lucid plans to use this funding to complete Lucid Air's technical development and testing, as well as to build its plant in Casa Grande, Arizona.
EV Partnership Details: "Lucid and PIF are highly aligned with the vision of creating a global luxury electric car company based in the heart of Silicon Valley with world-class engineering talent." Lucid will work closely with its products are being marketed at a time when the auto industry is changing rapidly By investing in the booming electric vehicle market, PIF is exposing itself to long-term growth opportunities, supports innovation and technological development and stimulates the diversification of revenues and sectors of Saudi Arabia. "
The significant financing of the Saudi fund is also interesting for the Volkswagen EV players (OTCPK: VWAGY), Audi (OTCPK: AUDVF), Daimler (OTCPK: DDAIF) and BMW (OTCPK: BMWYY). Car manufacturers that could all be competing at similar prices in the luxury vehicle market in 2020 and beyond.
The shares of Tesla (NASDAQ: TSLA) are decrease of 2.12% in pre-market trading at $ 289.10.
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