Saudi Arabia’s Public Investment Fund (PIF) has agreed to invest more than $1 billion in Lucid Motors. The funding will enable Silicon Valley-based Lucid to achieve the commercial launch of its Lucid Air electric vehicle in 2020, PIF said in an announcement on Monday.
A spokesperson for PIF said: "By investing in the rapidly expanding electric vehicle 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."
The spokesperson added: "PIF's international investment strategy aims to strengthen PIF's performance as an active contributor in the international economy, an investor in the industries of the future and the partner of choice for international investment opportunities. Our investment in Lucid is a strong example of these objectives."
Lucid's mission is to inspire the adoption of sustainable energy by creating the most captivating luxury electric vehicles, centered around the human experience.
"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," said Peter Rawlinson, Chief Technology Officer of Lucid.
