Crown Prince Mohammed bin Salman, and Chairman of the Public Investment Fund, met on the sidelines of the Future Investment Initiative today, with Lucid Motors CEO Sam Weng.
During the meeting, they discussed opportunities to develop the company and move it to advanced industrial stages. The meeting comes just one month after Saudi Arabia’s Public Investment Fund (PIF) has agreed to invest more than $1 billion in Lucid Motors, adding to the emerging competition facing U.S. electric vehicle maker Tesla Inc, which has been recently struggling due to the erratic behaviour of its founder Elon Musk.
The Lucid investment, which PIF said exceeds $1 billion, is also part of Saudi Arabia’s plan to build an environmentally friendly economy, to diversify the kingdom away from fossil fuels.
Lucid Air:
