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

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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SanJoseDriver - 9/17/2018 12:32:25 PM

-5 Boost

Total all time global sales, not current weekly/monthly/quarterly sales. In the US the 3 is outselling the Leaf 15 to 1.

https://insideevs.com/monthly-plug-in-sales-scorecard/

SanJoseDriver - 9/17/2018 12:35:27 PM

-7 Boost

The Lucid Air might not look like anything special on the outside, but the interior is truly next level. Hope they can bring this to market at the price they are going for.

dumpsty - 9/17/2018 2:16:01 PM

-3 Boost

The reason why Tesla is valuable. The exterior design is very simple. And the interior is well done but also simple when compared to comparable luxury vehicles. With that....basically anybody's front/rear fascia can be used on a Tesla....they need to be purchased. At least to clean-up their production & logistics issues.

PUGPROUD - 9/17/2018 4:35:48 PM

+11 Boost

$1 billion in the auto business is pocket change...

vdiv - 9/17/2018 4:56:16 PM

-1 Boost

It goes a long way for a fledgling startup.

CANADIANCOMMENTS - 9/17/2018 5:44:16 PM

-1 Boost

Agreed. After seeing Tesla struggle to reach profitability and other automakers BEV sales have not been on fire, I would be reluctant to put any money into another firm that says it is going to outdo Tesla.

TomM - 9/18/2018 5:20:11 PM

+1 Boost

Agree - that is pocket change to start a new Product from a NEW manufacturer without any dealer support extant. It means nothing unless the company is eventually bought out by one of the bigger European companies.