Lucid Motors has announced a US$1bn+ investment agreement with the Public Investment Fund of Saudi Arabia (PIF). The agreement will provide Lucid with the funding to commercially launch its first electric vehicle, the Lucid Air, in 2020.
Lucid plans to use the investment to complete engineering development and testing of the Lucid Air, construct its factory in Casa Grande, Arizona, begin the global roll-out of its retail strategy (starting in North America) and enter production for the Lucid Air.
“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,” said Peter Rawlinson, chief technology officer of Lucid.
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.
“PIF’s international investment strategy aims to strengthen PIF’s performance as an active contributor in the international economy, an investor in the industries of the future and the partner of choice for international investment opportunities. Our investment in Lucid is a strong example of these objectives.”