NEWARK, Calif., April 3, 2019 /PRNewswire/ -- Lucid Motors confirmed today that it has closed its previously announced $1bn+ (USD) investment from the Public Investment Fund of Saudi Arabia ("PIF"). This latest round of financing further propels the company towards the commercial launch of its first electric vehicle, the Lucid Air, in 2020.
Since announcing the investment agreement in September, Lucid has made substantial progress towards the commercialization of its products. The company has advanced the Lucid Air toward beta vehicle testing, established a vehicle charging network partnership with Electrify America, and is preparing to break ground on Lucid's new manufacturing facility in Casa Grande, Arizona. Lucid's team recently moved into a new 305,000 square-foot headquarters in Silicon Valley, and continues to expand across all areas of the organization.
Lucid and PIF are strongly aligned around the vision to create a global luxury electric car company based in the heart of Silicon Valley with world-class talent. Lucid is working to quickly bring its products to market at a time of rapid change in the automotive industry.
About Lucid Motors
Headquartered in Silicon Valley, Lucid's mission is to inspire the adoption of sustainable energy by creating the most captivating luxury electric vehicles, centered around the human experience. All of Lucid's vehicles are built upon Lucid's industry-leading proprietary electric powertrain technology, and are uniquely developed to deliver an unprecedented experience for both driver and passenger. Lucid's first vehicle, the Lucid Air, is widely acclaimed by automotive journalists and is scheduled to begin production at Lucid's manufacturing facility in Arizona, USA in 2020.
About the Public Investment Fund (PIF)
PIF seeks to become one of the largest and most impactful sovereign wealth funds in the world, enabling the creation of new sectors and opportunities that will shape the future global economy, while driving the economic transformation of Saudi Arabia.
To achieve this, PIF is building a world-class, diversified portfolio through investments in attractive, long-term opportunities across sectors and asset classes at both the domestic and international level. Working alongside global strategic partners and renowned investment managers, PIF acts as the Kingdom's main investment arm to deliver a strategy focused on achieving attractive financial returns and long-term value for the Kingdom of Saudi Arabia, in line with Vision 2030.
SOURCE Lucid Motors