RIYADH, Saudi Arabia’s sovereign wealth fund signed an agreement on Monday to invest over USD 1 billion in US-based electric carmaker, Lucid Motors Inc.
The deal will provide the funds which will enable the commercial launch of Lucid Air, the California-based company’s first vehicle, in two years’ time, Public Investment Fund said in a statement.
This includes the vehicle’s complete engineering development and testing, the construction of its factory in Arizona, and its production ahead of its global debut starting with the North American market.
Through the move, Riyadh hopes to diversify away from its dependence on oil through long-term growth opportunities with an emphasis on clean energy, a spokesperson from the fund told the state-run news agency.
Source: Kuwait News Agency