Lucid Motors closes more than $1 billion investment from Saudi Arabia’s Public Investment Fund

Lucid Motors confirmed that it has closed its previously announced $1 billion plus investment from the Public Investment Fund of Saudi Arabia (“PIF”).

This latest round of financing further propels the company towards the commercial launch of its first electric vehicle, the Lucid Air, in 2020.

Since announcing the investment agreement in September, Lucid has made substantial progress towards the commercialisation of its products. The company has advanced the Lucid Air toward beta vehicle testing, established a vehicle charging network partnership with Electrify America, and is preparing to break ground on Lucid's new manufacturing facility in Casa Grande, Arizona.

Lucid's team recently moved into a new 305,000 square-foot headquarters in Silicon Valley, and continues to expand across all areas of the organisation.

Lucid and PIF are strongly aligned around the vision to create a global luxury electric car company based in the heart of Silicon Valley with world-class talent. Lucid is working to quickly bring its products to market at a time of rapid change in the automotive industry.