A Tesla competitor just got $1 billion boost from Saudi Arabia

A hotshot electric vehicle company in Silicon Valley just got a $1 billion investment from Saudi Arabia’s Public Investment Fund.

No, not Tesla. We’re talking about its eventual competitor, Lucid Motors, which is based right next door to Tesla’s Fremont headquarters in Newark, California. 

The luxury electric vehicle brand announced the cash infusion this week, saying it would use the funding to move forward with its Tesla Model S “killer,” the Lucid Air, expected to launch in 2020, and to build out its factory in Casa Grande, Arizona. Read more…

More about Tesla, Saudi Arabia, Electric Vehicles, Model S, and Lucid Motors
Source: Mashable | A Tesla competitor just got billion boost from Saudi Arabia