The Public Investment Fund (PIF) has 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.
The deal was signed by a special-purpose vehicle wholly owned by PIF. It comes as part of the sovereign wealth fund’s international investment strategy, according to an official statement.
This investment will go towards development engineering and testing for Lucid Air. This includes construction in Arizona, in line with the company’s retail strategy starting in North America.
Both parties have inked binding undertakings to carry out the deal, which is subject to regulatory approvals.
“By investing in the rapidly expanding electric vehicle market, PIF is gaining exposure to long-term growth opportunities, supporting innovation and technological development and driving revenue and sectoral diversification for the Kingdom of Saudi Arabia,” said a PIF spokesperson.
Lucid will work closely with PIF to ensure bringing its products to the market at a time of rapid change in the automotive industry.
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