The Public Investment Fund of Saudi invests more than$ 1 million in the company Lucid Motors

صندوق الاستثمارات العامة السعودي يستثمر أكثر من 1$ مليار في شركة لوسيد موتورز

The company announced the Lucid Motors “Lucid Motors” competent in the manufacture of electric cars that they got on the investment of a total value exceeding$ 1 million from the Public Investment Fund of Saudi Arabia, as part of the company’s operations to produce the first car in the year 2020.

She was Lucid Motors was founded by three people, including a member of the board of management and Deputy company Tesla Arena, Bernard Tse, which created the private company on behalf of Atieva with Sam wing showing and then subsequently converted to Lucid Motors.

Under the new investment, the company will produce its own cars first Lucid Air and launch them back to 2020, to enter the field of electric vehicles to compete with the major companies, at the forefront of their climb, which failed to takeover the Saudi Public Investment Fund during the financial period because of the refusal of its investors converted a private company, to get the attention of investment fund to a competitor of its own in the American market.

Commenting on the investment, said a spokesman for the Public Investment Fund of Saudi “investment in the electric car market which is expected very quickly, we will have a chance for long-term, we’ll see them in support of creative ideas and technical development, next to bring in more development revenue to the kingdom of Saudi Arabia.”

Little, to the beginning of the investment news Mega have started in the middle of last August after the failure of Tesla to shift public company for acquisition of the Saudi fund them, but now she had ascertained from the car company itself.

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