The Saudis signed a deal of $ 1 billion (21.7 billion crowns) with a starting Californian car manufacturer Lucid Motors. They have these funds to bring their first Lucid Air electric vehicle in 2020, according to Bloomberg PIF in their statement. The Tesla shares fell by two percent after the announcement.
The agreement between PIF and private Lucid Motors underlines the interest of the fund to invest in the production of electric cars to expand the investment portfolio of the oil rich kingdom. He recently bought almost five percent of Tesla's shares. The fund is known for investments in technology companies.
It currently manages assets worth approximately $ 250 billion ($ 5.6 trillion). Tesla director Elon Musk said earlier that this Saudi fund could help fund the withdrawal of Tesla from the stock of about $ 72 billion (1.6 trillion crowns). However, the intention came together.
Lucid Motors was founded in 2007, originally called Atieva. The founders are former vice president and board member Tesla Bernard Tse and former Oracle and Redback Networks manager Sam Weng.
The company also received support from Chinese investors, including BAIC proprietary car manufacturer and technology entrepreneur Jia Jütting. Other supporters are venture capital funds such as Venrock, Mitsui & Co. and Tsing Capital.
In 2016, he introduced the prototype of his Lucid Air model, a luxury sedan valued at $ 100,000, and hopes to start production in Arizona by the end of this year.
View Lucid Air tests: