Fremont-based electric vehicle startup Lucid Motors raised a round of one billion dollars. That was announced today by Saudi Arabia’s sovereign wealth fund.
The money is dedicated for the construction of a factory in Casa Grande in Arizona, as well as development and test of the Lucid Air car. Also goal of the investment round is to build a distribution network across North-America. The base model is said to start at 60,000 dollars.
Lucid Motors struggled with raising money and rumors for a sale to Ford and other interested parties had made the rounds. End of 2017 the company moved from Menlo Park to its new headquarters in Fremont, not far from the Tesla-Factory.
This article has also been published in German.