The PID Saudi Arabian sovereign wealth fund is in talks to invest in aspiring Tesla rival Lucid Motors Inc.
Talks between Lucid Motors and the PIF show an eagerness for Saudi investment in future green tech, especially electric car makers, as one means of diversifying the oil-rich Middle Eastern kingdom’s investment portfolio.
PIF and Lucid Motors have drawn up terms under which PIF could invest more than $1 billion in Lucid Motors and obtain majority stake. The talks are in the early stages and are not at this stage guaranteed.
Elon Musk, the Tesla and SpaceX owner, shocked financial markets in early August when he Tweeted he was considering a $420 per share take-private deal for Tesla, an auto manufacturing pioneer that developed the world’s first ever premium all-electric sedan car.
He stated funding was secured and detailed last Monday that he believed Saudi Arabia’s PIF could provide the necessary funding.
