Lucid Motors just secured a billion dollar investment from the same Saudi Investment fund that Elon Musk was hoping would help take TSLA private.
I’ll admit to having some serious doubts about Lucid Motors, but a billion dollars’ worth of Saudi money is more than enough to shut me up– and that’s just what Lucid got earlier today. But wait, there’s more! This money is coming from Saudi Arabia’s Public Investment Fund. The same Saudi Arabia’s Public Investment Fund that was supposedly going to fund Elon Musk’s moves to bring Tesla private!
Oh, man. That’s some really funny stuff.
Lucid claims it has executed a $1 billion investment agreement with the fund, pending the necessary regulatory approvals. If the payment goes according to plan, Lucid believes it will be able launch its first electric vehicle, the sleek Lucid Air sedan (above) sometime in 2020.
I’m no stock expert, but I’m expecting TSLA to have a down day or two following this news. That’s just me, though. What do you think? Is this just another cash burn from another vaporware peddler, or does this make Lucid Motors a genuine competitor in an ever more crowded field? Let us know what you think in the comments section at the bottom of the page.