Lucid In Talks With Saudi Arabia’s Sovereign Wealth Fund For EV Factory, Governor Confirms

Lucid Motors, Inc. is an American automotive company specializing in electric cars

Lucid Motors, Inc. is an American automotive company specializing in electric cars

Lucid Motors is in talks with Saudi Arabia’s sovereign wealth fund to build an electric vehicle manufacturing facility in the country, the fund’s Governor Yasir Al-Rumayyan told the Financial Times.

The Public Investment Fund had acquired a 67% stake in the EV maker for about $1.3 billion in 2018.

Bloomberg had earlier this month reported on the talks to build an EV manufacturing facility near the Red Sea city of Jeddah.

Earlier this month, reports also said Lucid was in talks to go public through a merger with one of Michael Klein’s special purpose acquisition companies. 

Klein’s Churchill Capital Corp IV CCIV SPAC, which is said to be the one in consideration for the merger, has seen its shares soar to more than double since the reports came to light.

Lucid is primed to be one of Tesla Inc.’s TSLA foremost competitors. The EV maker late last year unveiled the Lucid Air sedan with pricing that undercuts the Elon Musk-led company’s Model 3 at $69,900 post-subsidies.

Al-Rumayyan told FT that the fund is also in talks with SoftBank Group Corp’s SFTBY Vision Fund portfolio companies to bring their presence in the kingdom.

Tesla's investment in the China market is paying off Tesla Inc's (NASDAQ: TSLA ) sales in China doubled in one year to $ 6.6 Read more

We can see the "beta" version of Apple's electric car in just one year Hyundai Motor and Apple Inc plan Read more

Foxconn was the world's largest provider of electronics manufacturing services

Foxconn was the world's largest provider of electronics manufacturing services Hon Hai Precision Industry (TW: 2317 ) Co, Ltd (OTC: HNHPF), a Taiwanese company Read more

Now Apple's electric car returns to the scene with force

Now Apple's electric car returns to the scene with force A day after the market learned that Apple (NASDAQ: AAPL ) is Read more

Year one electric Hummer EV annual production reserved

Year one electric Hummer EV annual production reserved. If there is a company that has monopolized all the media focus Read more

Tesla vastly beat analyst forecasts and may accelerate its entry into the S&P500 index

Tesla vastly beat analyst forecasts and may accelerate its entry into the S&P500 index. Tesla posted a fifth straight quarter Read more

The situation will cause factories to stop and more costs. There will be manufacturers of technological devices that will launch fewer Read more

Europe's emissions trading has become a speculative market, where funds and investors want to make a killing. Just a year Read more

The purchase of Athene clarifies its relationship with the insurance company, but obscures the value of the rest of its Read more

The bankruptcy of the financial company highlights the risks of helping companies pay their suppliers

The bankruptcy of the financial company highlights the risks of helping companies pay their suppliers The supply chain finance party Read more

Leave a Reply