Saudi Arabia invests $ 1 billion in Lucid Electric Motors, Tesla’s rival!
After the Kingdom of Saudi Arabia’s talks with Tesla President about the likelihood of investing in it, the kingdom’s ambition seems to go beyond Tesla’s horizon to its US competitor in Silicon Valley, Lucid Electric Motors.
The new investment, announced by Lucid, is worth $ 1 billion, and the company said in its announcement that the Kingdom’s injection of this investment into Lucid “is a milestone for Lucid and will provide the company with the funds to launch its first commercial car, Loseid Air in 2020.”
It is noteworthy that the subject of the Kingdom’s investment in Lucid was expected weeks ago. For its part, Lucid is not interested in the production of ordinary electric cars, but seeks to offer super cars and luxury as expressed by the test car, but it may later enter the popular groups that earn more profits, Tesla did model 3.