Lucid Motors Receives Billion Dollar Investment From Saudi Arabia’s Sovereign Wealth Fund

Electric vehicle startups seem to appear every few months, but Lucid Motors now has some serious backing as Saudi Arabia’s sovereign wealth fund has agreed to invest $1 billion (£759.7 / €855.5 million) into the company.

The investment, which still needs approval from relevant authorities, will pave the way for Lucid Motors to launch its first electric vehicle in 2020. According to the automaker, the money will be used to finish development and testing of the Lucid Air as well as construct a production facility in Casa Grande, Arizona. The remaining funds will then be used to help launch the model in North America.

In a statement, a spokesperson for Saudi Arabia’s sovereign wealth fund said “This investment in the electric vehicle industry, which is currently experiencing rapid growth, is an added value to the Fund’s portfolio which aims to achieve long-term, growing returns.” The spokesperson added the investment should increase revenues for the fund while also diversifying its portfolio.

The money is critical for Lucid Motors as their electric vehicle plans are already behind schedule. When the automaker announced plans to build its factory in Arizona in 2016, the company said groundbreaking would occur in early 2017 and the first models would roll off the assembly line in 2018.

In March of 2017, the company revealed the entry-level Air will have a base price of $52,500 (after federal tax incentives) and a range of 240 miles (386 km) on a single charge. The car will also be rear-wheel drive and have an electric powertrain that produces 400 hp (298 kW / 405 PS).

The Air is slated to come equipped with LED headlights, an aluminum roof and 19-inch alloy wheels. Other highlights will include 12-power front seats, a ten-speaker audio system and three touchscreen displays.

At the time, Lucid’s Director of Marketing said the Air will “provide superior comfort, a better user interface and better performance than comparably priced BMWs and Mercedes-Benzes.”

The company also revealed an assortment of different options will be available including larger battery packs which will enable the model to have a range of 315 miles (506 km) and 400 miles (643 km). Speaking of powertrain options, the automaker said one version of the Air will offer all-wheel drive and up to 1000 hp (745 kW / 1013 PS).

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  • cbATL

    This is f’en sexy!

    • brn

      Looks like it was designed by Lincoln.

    • Dennis Scipio

      That’s not the first adjective i would describe it.

    • paulgdeaton

      It makes the Tesla look like a lump… but Tesla already looked like a lump…

  • Ermal Morina

    this is great news.I think they deserve the money cuz they seem innovative and serious..wish all the best for Lucid

  • Yishay

    Interesting

  • Six_Tymes

    great company, i think, great designs, shame another is being funded by filth

    • What? What do you mean, funded by filth? Are you saying that all Saudi Arabians are filth? This is what you choose to post here, on an automotive website? Your blatant bigotry? We really do not require these types of opinions on the website, thank you. Keep your comments to the automotive industry from now. Thanks in advance.

      • S3XY

        You’re welcome.

  • Leconte Dave

    Tesla killer ?

    • S3XY

      Of course

  • Bash

    Great!!

  • Big Black Duck

    I wan this car so bad

  • ME

    beautiful car, just don’t want to give money to that country.

  • TheBelltower

    Looking forward to this finally being produced.

  • Craig

    To my eyes – it could be a Honda Accord Concept.

  • I am happy that another EV company is getting the funding necessary to fulfill its plans. I am happy for the generally positive comments on this site about this. I am appalled at those few who choose to espouse their racist views here as a result of the fact that the fund is Saudi based. We really have a long way to go as a people. No doubt.

  • So thanks to a tweet, Elon failed to get this money and instead went to one of its rival… yikes tweeting can be dangerous these days.

  • DMax

    Modes S has been on sale for a few years now, while this is still vaporware at this point, so unfair comparison. And it’s anything but posh inside. Way too simple and lackluster imo.

  • S3XY

    It’s been Lucid Dreams for a while now but with this investment hopefully they’ll use it appropriately and bring this gorgeous sedan to reality. C Pillar is the only area that isn’t that flattering. A darker color will hide that sloppy slope. I know they won’t fix it.

  • S3XY

    New Model S’s have the best interior they’ve ever had. Everything is super soft to touch/squishy. Very nice materials now. Check it out if you haven’t. Pre facelift Model S’s are the only ones that have crappy quality interior. Model 3 is very nice too. Although it doesn’t have black headliner which is very strange

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