The transaction represents an important milestone for Lucid and will provide the company with the necessary financing to commercially launch its first electric vehicle, the Lucid Air, by 2020. Lucid plans to use the financing to complete engineering development and testing of the Lucid Air, his factory in Casa Grande, Arizona, start with the worldwide rollout of its retail strategy from North Americaand enter the production for the Lucid Air.
Lucid's mission is to inspire the adoption of sustainable energy by creating the most fascinating luxury electric vehicles centered around the human experience. "The convergence of new technologies is a new form of the car, but the benefits still have to be realized, this prevents the pace at which sustainable mobility and energy are adopted." At Lucid we will demonstrate the full potential of the electrically connected vehicle in order to advance the industry, "he said Peter Rawlinson, Lucid's Chief Technology Officer.
Lucid and PIF are strongly aligned with the vision to establish a globally operating luxury car company based in the heart of Silicon Valley with world-class technical talent. Lucid will work closely with PIF to ensure a strategic focus on rapidly bringing its products to market in a time of rapid changes in the automotive industry.
A spokesman for PIF said: "By investing in the fast-growing electric vehicle market, PIF gains exposure to long-term growth opportunities, supports innovation and technological development, and promotes revenue and sectoral diversification for the Kingdom of Saudi Arabia. "
The spokesman added: "PIF's international investment strategy is aimed at strengthening PIF's performance as an active contributor to the international economy, an investor in the industries of the future and the partner of choice for international investment opportunities. Our investment in Lucid is a strong example of these goals. "
About the public investment fund (PIF)
PIF aims to become one of the largest and most influential sovereign wealth funds in the world, making it possible to create new sectors and opportunities that will shape the future global economy, while the economic transformation of Saudi Arabia.
To achieve this, PIF builds a diversified world-class portfolio by investing in attractive long-term opportunities in all sectors and asset classes, at both national and international levels. Together with global strategic partners and renowned investment managers, PIF acts as the main investment arm of the Kingdom to deliver a strategy aimed at achieving attractive financial returns and the long-term value for the Kingdom of Saudi Arabia, in line with Vision 2030.
In October 2017 at the Future Investment Initiative (www.futureinvestmentinitiative.com) the program for the public investment fund (2018-2020) was launched as part of the Vision Realization Programs ("VRP") of Vision 2030. The PIF program is one of the twelve VRP & # 39; s and acts as a roadmap for the next three years to strengthen the position of PIF as a motor for economic diversification in the Kingdom and its role in transforming Saudi Arabia in a global investment power plant. The program will see PIF's Assets Under Management increase beyond $ 400 billion by 2020 and outlines how PIF wants to supplement the development of the private sector in the Kingdom through its new domestic investment, divided between the Saudi Holdings of PIF, Saudi Sector Development, Saudi-Property & Infrastructure Development and Saudi Giga Projects.
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About Lucid Motors
Headquartered in Silicon Valley, Lucid's mission is to inspire the adoption of renewable energy by creating the most fascinating electric vehicles centered around the human experience. All Lucid vehicles are built on Lucid's leading proprietary electric powertrain technology and have been uniquely developed to provide an unprecedented experience for both driver and passenger. Lucid's first vehicle, the Lucid Air, is widely praised by automotive journalists and is scheduled to begin production at the Lucid factory in Arizona, USA. in 2020.
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SOURCE Lucid Motors