Saudi Arabia in talks to invest $1bn in Lucid Motors

Cars
13
0

Home


  • Lucid’s first model, the Air, is claimed to have 1000bhp and a 400-mile-range


  • The American company aims to begin production in 2020

Kris Culmer

US electric car company Lucid Motors is in investment talks with Saudi Arabia’s sovereign wealth fund, the PIF, Reuters has reported.

The two parties have drafted a non-binding agreement under which PIF would make a $1 billion (£783m) investment and assume majority ownership.

The initial investment would be of $500m (£391m), with subsequent funding coming as Lucid achieves production milestones.

In 2016, the company stated its ambition to begin production of its first model, the Air, this year at a new, $700m facility in Casa Grande, Arizona. However, it has since pushed that goal back to 2020 while it raises the necessary funds.

The Air, which exists in prototype form, is a sporting luxury saloon that is claimed to offer a 400-mile driving range, up to 1000bhp and a 0-60mph time of 2.5sec. The proposed price range is $60,000 to $100,000 (approximately £47,000 to £78,000).

The Saudi Arabian fund is said to have reserves of around $250bn and has been investing heavily in order to diversify the country’s portfolio away from oil. For example, it has sunk $45bn into a multinational technology group, including Apple and Qualcomm, that will focus on artificial intelligence and robotics. 

Our Verdict

Tesla Model S 95D

In theory, this all-electric luxury car looks a hit. So is it in practice?

Driven this week

  • Suzuki Swift Sport 2018 long-term review hero front

  • Volkswagen Arteon 2018 long-term review hero front

  • Kia Ceed 1.4 T-GDi First Edition review

Our Verdict

Tesla Model S 95D

In theory, this all-electric luxury car looks a hit. So is it in practice?

Driven this week

  • Suzuki Swift Sport 2018 long-term review hero front

  • Volkswagen Arteon 2018 long-term review hero front

  • Kia Ceed 1.4 T-GDi First Edition review

Facebook Comments

Comments are closed.