Riyadh – Mubasher: Saudi Arabia’s Public Investment Fund (PIF) on Monday said it would invest over $1 billion (SAR 3.75 billion) in US electric vehicle (EV) carmaker Lucid Motors.
The deal comes in line with Saudi Arabia’s plan to modernise its economy and diversify its resources.
“By investing in the rapidly expanding electric vehicle market, PIF is gaining exposure to long-term growth opportunities, supporting innovation and technological development, and driving revenue and sectoral diversification for the Kingdom of Saudi Arabia,” a PIF spokesperson said.
Last month, Tesla’s CEO Elon Musk revealed that PIF was planning to aid the automaker in the financing of $72 billion deal or in going private. The talks have faltered since then.
