Lucid Motors, a Newark, CA-based electic vehicle maker, received a US$1bn+ investment agreement with the Public Investment Fund of Saudi Arabia.
The investment – made through a special-purpose vehicle wholly owned by PIF – will provide the company with the funding to commercially launch its first electric vehicle.
Lucid plans to use the funding to complete engineering development and testing of the Lucid Air, begin the global rollout of its retail strategy starting in North America, and enter production for the Lucid Air.
The company makes vehicles which are built upon proprietary electric powertrain technology. The company’s first vehicle, the Lucid Air, is scheduled to begin production at Lucid’s manufacturing facility in Casa Grande, in Arizona, USA in 2020.