By Innovation-sa on August 29, 2018 in News

Saudi Arabia’s Public Investment Fund (PIF) is involved in negotiation talks with Tesla challenger Lucid Motors over a $1 billion investment, revealing the Kingdom’s interest to invest in electric car makers.

PIF and Lucid Motors, an electric car start-up run by battery company Ateiva, have drawn up a term sheet under which PIF could invest more than $1 billion in Lucid Motors and obtain majority ownership.

Sources also reported that PIF’s initial investment in Lucid Motors would be $500 million, followed by subsequent cash injections of an undisclosed amount in two phases depending on Lucid Motors hitting certain production milestones.

The investment would be a boon for Lucid Motors, which has been scrounging for new funding since last summer.