US electric car manufacturer Lucid Motors has closed its previously announced $1 billion investment from Saudi Arabia’s Public Investment Fund (PIF), a statement said on Wednesday.

 

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

 

In September 2018, PIF had signed an investment agreement of over $1 billion (or SAR 3.75 billion) with Lucid Motors to help support the commercial launch of Lucid’s first electric vehicle in 2020.

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