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As Elon Musk’s haphazard bid to take Tesla private quickly unraveled last month, the CEO disclosed that he believed Saudi Arabia’s Public Investment Fund could finance the proposal on its own.

Then, amid the firestorm, news broke that the Saudis actually intended to dump $1 billion into Tesla rival Lucid Motors. On Monday, Lucid and the Saudis made it official.

Lucid said Monday that it had executed a $1 billion investment agreement with the fund, subject to necessary regulatory approvals. If all goes according to plan, Lucid believes it’ll have the necessary funding to commercially launch its first electric vehicle, the sleek Lucid Air, in 2020.

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Saudi Investors Commit $1 Billion To Lucid Motors To Launch First Tesla Killer

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