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Lucid Motors announced today that it has executed a $1bn+ (USD) investment agreement with the Public Investment Fund of Saudi Arabia, through a special-purpose vehicle wholly owned by PIF.
Under the terms of the agreement, the parties made binding undertakings to carry out the transaction subject to regulatory approvals and customary closing conditions.
The transaction represents a major milestone for Lucid and will provide the company with the necessary funding to commercially launch its first electric vehicle, the Lucid Air, in 2020. Lucid plans to use the funding to complete engineering development and testing of the Lucid Air, construct its factory in Casa Grande, Arizona, begin the global rollout of its retail strategy starting in North America, and enter production for the Lucid Air.