Saudi Arabia Invests $1 Billion in Lucid Motors
An investment fund from Saudi Arabia in the near future is likely to invest more than a billion dollars in Tesla's main competitors Lucid Motors, despite the fact that a few weeks ago Tesla CEO Elon Musk claimed that the Saudis were ready to invest money in his business.
Tesla shares fell after the information about the Saudi Arabia loan of $ 11 billion appeared. This amount was received from the world's largest banks for investment in the development of the electronic car industry.
But apparently, this money will go not for Tesla's investments, but for the development of a competing project by Lucid Motors, where six former Tesla employees working right now, including those who was responsible for the design and characteristics of the famous Tesla Model S. Analysts say that the money of the Saudis will help create the first car Lucid Air already by 2020.
The Lucid Air car is expected to cost $ 52,500, and more expensive models worth more than $ 100,000 are planned. A full charge of the battery will allow the car to travel more than 400 miles.
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