Lucid in talks with PIF for electric car factory in Saudi Arabia

08/01/2021 Argaam

PIF logo

Lucid Motors is in talks with Saudi Arabia’s Public Investment Fund (PIF) to build an electric vehicle factory potentially in the Kingdom, Bloomberg reported, citing sources close to the matter.

 

The Kingdom’s sovereign wealth fund will provide much of the money for the site at the King Abdullah Economic City. Plans are advanced but could change, the sources said, adding that the PIF and Lucid have also considered NEOM as a possible site for the new facility.

 

In 2018, Lucid raised more than $1 billion from the PIF, an investment that was conditional on the firm developing a site in Saudi Arabia, the people said.

 

In September 2018, the PIF agreed to invest more than $1 billion in Lucid Motors, Argaam reported.

Comments {{getCommentCount()}}

Be the first to comment

{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
{{comment.Replies.length}}
تعديل
loader Train
Report
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.