Saudi's PIF invests more than $1 billion in Lucid Motors

DUBAI (Reuters) - Saudi Arabia’s Public Investment Fund said on Monday it had agreed to invest more than $1 billion in Lucid Motors to produce electric vehicles.

FILE PHOTO - Peter Rawlinson, Chief Technology Officer and Vice President of Lucid Motors, speaks during the TechCrunch Disrupt event in New York City, U.S., May 16, 2017. REUTERS/Brendan McDermid

The deal will provide funding to enable the commercial launch of Lucid’s first electric vehicle, the Lucid Air, in 2020.

Reporting by Tom Arnold and Maher Maher Chmaytelli; editing by Louise Heavens

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