Lucid Motors gets $1B from Saudi fund, pushes EV debut to 2020

Lucid Motors gets $1B from Saudi fund, pushes EV debut to 2020”

Lucid Motors today announced that it has agreed to accept a $1 billion investment from the Public Investment Fund (PIF) of Saudi Arabia.

Based in Newark, California, Lucid Motors was founded in 2007 as Atieva by Bernard Tse, a former Tesla vice president and board member, and Sam Weng, a former executive at Oracle Corp. and Redback Networks. Lucid and PIF are strongly aligned around the vision to create a global luxury electric vehicle company.

Tesla CEO Elon Musk had previously touted conversations with the Saudi fund as key in considerations to take Tesla private. Musk indicated that Saudi Arabia would invest in Tesla if it went private, although the PIF did not comment on the possibility.

Lucid is depending on the Saudi money to help realize its goal of delivering its first vehicle, the Lucid Air, in 2020.

The funding, which will be made through a special-purpose vehicle wholly owned by PIF, will be used by Lucid to complete development and testing of the Lucid Air, construct a factory in Arizona and start up production of the auto. "At Lucid, we will demonstrate the full potential of the electric-connected vehicle in order to push the industry forward", he said.

Saudi man walks through the Tadawul Saudi Stock Exchange in Riyadh Saudi Arabia. Saudi Arabia’s sovereign wealth fund invested over $1 billion on Monday Sept. 17 2018 in an American electric car manufact

The Lucid investment, which PIF said is more than $1 billion but did not give an exact figure, is also part of Saudi Arabia's plan to build an environmentally friendly economy, to diversify the kingdom away from reliance on crude oil.

Lucid issued a statement quoting Peter Rawlinson, its chief technology officer, welcoming the investment. But previous splashy market-moving promises by the kingdom's assertive Crown Prince Mohammed bin Salman have yet to materialize.

The all-electric Lucid Air will have a range of over 400 miles (640 kilometers). The chatter died down after Musk announced on August 24 said Tesla would remain publicly traded. The $11 billion loan allows it to make further investments without divesting from its other holdings.

But analysts have offered far lower valuations for Aramco and multiple delays have struck the project since.

Like this



18 September 2018
The Talk: Julie Chen Officially Exits
The plan, as of this writing, is for Julie to make the announcement Tuesday morning via a taped video piece on the show. In a statement, she said she would be off for a few days, but she did not address the allegations against her husband.

18 September 2018
Asia Argento Threatens Rose McGowan with a Lawsuit
The goods on Argento were leaked by Rain Dove , McGowan's current partner. You've spent and risked a lot to stand with the MeToo movement .

18 September 2018
Focus on Hollywood’s diversity at Emmy Awards
It was an offbeat yet amusing start to the Primetime Emmys , which was unusually held on a Monday night. The Best Variety Sketch Series victory extends the late-night show's record 71 wins to 72.

18 September 2018
Danny Trevathan says Bears defense is 'just getting started'
Seattle drove 75 yards down the field, capped by Wilson's attractive 19-yard touchdown pass to Tyler Lockett that make it 10-17. Somewhat worrisome before Monday was Trubisky's continued inability to deliver in fourth quarters.

18 September 2018
Captain Marvel trailer: Brie Larson’s superhero descends on earth
She crashes directly into a Blockbusters Video (RIP), and we see as she attempts to navigate Earth in the 1990's. But the trailer ends on Carol, generating massive amounts of energy and warning, "I'm not what you think I am".

18 September 2018
Bigg Boss 12: Jasleen Matharu’s father reacts to her daughter’s relationship
Anup Jalota is one of the most renowned singers of this country and has been known for his devotional songs. Having been in awe of the beach-themed house, the contestants have found their comfort spots in the house.

18 September 2018
Leaders of two Koreas parade through Pyongyang ahead of nuclear talks
Cheong Wa Dae officials speak in Paju, Gyeonggi Province on Sunday before going to North Korea. -North Korean confrontation. Their second inter-Korea meeting came in May, in the lead-up to the summit with Trump.

18 September 2018
Typhoon Mangkhut Claims More Lives as It Crawls Across South China
She said she screamed after hearing the news about her husband, and their 4-year-old son sensed what had happened and cried too. Gusts of 100 miles per hour were still lashing Hong Kong , and more than 2.5 million people had been evacuated from the region.

18 September 2018
FEMA postpones federal alert systems message test
If you've ever received one of those Amber Alerts on your phone, the October 3 alert will pop up similarly. The message will read: "THIS IS A TEST of the National Wireless Emergency Alert System.

18 September 2018
Denver Broncos: Stars from opening victory over Seahawks
But Keenum responded with a 4-yard strike to a tiptoeing Thomas, putting the Broncos back on top for good with 11:11 left. So with the game on the line Sunday, Keenum went about the business of cleaning up the mess he helped to make.