Lucid Motors secure $1bn+ funding from Saudi Arabia to commence Electric Car Production

The California based, Lucid Motors has signed a whopping $1Billion plus deal with Saudi Arabia to start production of their luxury EV – The Lucid Air. The market launch of this electric car is expected in 2020, at an estimated selling price of US$60,000. Peter Rawlinson, Chief Technology Officer of Lucid Motors said: “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.” They are going head to head with Tesla in the luxury electric vehicle market. Last year in July, the Lucid Air hit an exciting 235 mph during a test run that went remarkably well. It is said to give a “sublime luxury experience” with an impressive combo of “performance and dynamics” and “space and comfort”. Lucid Motors and Saudi Arabia’s Public Investment Fund (PIF) will be working closely to plan and strategize the most efficient and effective route to roll out the luxury vehicle. They want to be fore-runners in the fast-changing automotive industry. A Saudi Public Investment Fund spokesperson stated that by buying into the electric automotive 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.” Saudi Arabia’s Crown Prince Mohammed bin Salman has expressed his government’s need to use alternate means to sustain the Kingdom’s economy rather than wholly rely on sales from crude fuel. This investment from the PIF is in line with Saudi Arabia’s Vision 2030, where the sovereign fund has supported renewable energy, started recycling companies and energy competent services.