Friday 14 December 2018
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albawaba - 3 month ago

Saudi Carves a Slice of the Electric Car Market With $1 Billion Investment

Saudi Arabia put a $1 billion charge into Lucid Motors Monday by investing in the electric car maker. Through the Public Investment Fund of Saudi Arabia, the investment will fund the complete engineering development and testing of the Lucid Air, the company s first electric-powered vehicle, construct a factory in Casa Grande, Ariz., and begin sales in North America by 2020. Lucid and the PIF said they plan to work together to expedite the process of bringing Lucid s vehicles to market.

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