Lucid Motors has closed its previously announced $1bn+ (USD) investment from the Public Investment Fund of Saudi Arabia (“PIF”). This latest round of financing would further propel the company towards the commercial launch of its first electric vehicle, the Lucid Air, in 2020.
Headquartered in Silicon Valley, Lucid is working towards the adoption of sustainable energy by creating the most captivating luxury electric vehicles, centered around the human experience.
PIF seeks to become one of the largest and most impactful sovereign wealth funds in the world, enabling the creation of new sectors and opportunities that will shape the future global economy, while driving the economic transformation of Saudi Arabia.
The company has advanced the Lucid Air toward beta vehicle testing, established a vehicle charging network partnership with Electrify America, and is preparing to break ground on Lucid’s new manufacturing facility in Casa Grande, Arizona.
Lucid and PIF state that they are strongly aligned around the vision to create a global luxury electric car company based in the heart of Silicon Valley with world-class talent. Lucid is working to quickly bring its products to market at a time of rapid change in the automotive industry.
Source: Press Release