Saudi sovereign fund can invest more than $1 billion in the competitor of Tesla

The sovereign fund of Saudi Arabia, according to the agreement of intent, can invest more than $1 billion in Lucid Motors, a competitor of American Tesla, and acquire a controlling stake in it, Reuters reports citing sources familiar with the situation. According to them, the initial amount of investments will be 500 million dollars. The rest of the sum will be split into two tranches, which Lucid Motors will be able to get when certain production figures are reached. Saudi Arabia, thus, shows interest in the electric vehicle industry as an option for diversifying its investments. Earlier, Tesla CEO Elon Musk said that he was considering a delisting option, and the sovereign fund of Saudi Arabia could finance this idea.

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