Monday, September 17, 2018

Lucid Motors Gets $1 Billion For Arizona EV Factory

Lucid Motors, a Silicon Valley startup which has been working on setting up a factory in Arizona since early 2017, has received $1 billion in an investment from the country of Saudi Arabia, specifically to help it build out its factory operations in Casa Grande, Arizona. Lucid's progress in that factory build had been stymied in recent months over lack of financing for the project. The Public Investment Fund (PIF) of Saudi Arabia is also an investor in Tesla Motors.