San Tan Valley Area Information

2 minutes reading time (349 words)

Lucid Receives $1 Billion Dollars from Saudi Arabia Public Investment Fund

Lucid Receives $1 Billion Dollars from Saudi Arabia Company

Under the terms of the agreement, the parties made binding undertakings to carry out the transaction subject to regulatory approvals and customary closing conditions.

The transaction represents a major milestone for Lucid and will provide the company with the necessary funding to commercially launch its first electric vehicle, the Lucid Air, in 2020. Lucid plans to use the funding to complete engineering development and testing of the Lucid Air, construct its factory in Casa Grande, Arizona, begin the global rollout of its retail strategy starting in North America, and enter production for the Lucid Air.

Lucid’s mission is to inspire the adoption of sustainable energy by creating the most captivating luxury electric vehicles, centered around the human experience. “The convergence of new technologies is reshaping the automobile, but the benefits have yet to be truly realized. This is inhibiting the pace at which sustainable mobility and energy are adopted. At Lucid, we will demonstrate the full potential of the electric connected vehicle in order to push the industry forward,” said Peter Rawlinson, Chief Technology Officer of Lucid.

Lucid and PIF are strongly aligned around the vision to create a global luxury electric car company based in the heart of Silicon Valley with world-class engineering talent. Lucid will work closely with PIF to ensure a strategic focus on quickly bringing its products to market at a time of rapid change in the automotive industry.

A spokesperson for PIF said, “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.”

The spokesperson added, “PIF’s international investment strategy aims to strengthen PIF’s performance as an active contributor in the international economy, an investor in the industries of the future and the partner of choice for international investment opportunities. Our investment in Lucid is a strong example of these objectives.”

Help Create Chemo-Care Package Fundraiser
Filmmaking with Drones Comes to Poston Butte High ...

Related Posts

 

Comments

No comments made yet. Be the first to submit a comment
Already Registered? Login Here
Guest
Thursday, 23 January 2020
If you'd like to register, please fill in the username, password and name fields.

Captcha Image

1 Feb
Voyager, A Tribute to the Music of Journey
Date 02.01.2020 7:00 pm - 8:30 pm
15 Feb
ABBAFAB: Tribute to ABBA
Date 02.15.2020 7:30 pm
14 Mar
Aretha: The Queen of Soul: Tribute
Date 03.14.2020 7:30 pm
29 Mar
High Tide: Beach Boys Tribute
Date 03.29.2020 2:00 pm
26 Apr
GARTH LIVE!
Date 04.26.2020 2:00 pm

Stay Informed!

Get the the latest news, events, business info and more sent directly to your inbox, for FREE, by subscribing to any or all of our newsletters!
santanvalley_logo_17.png
SanTanValley.com is your #1 resource for anything in and around San Tan Valley, AZ.  Focusing on uniting and promoting all that San Tan Valley has to offer for our visitors and residents, SanTanValley.com provides you with local area information & events, local business information, travel ideas, news, traffic alerts, deals, and more!


© 2020, SanTanValley.com is owned & operated by MyBizNow LLC. All Rights Reserved. Material displayed is not to be used without written permission by SanTanValley.com representatives. You may not reproduce or communicate any of the content on this website, including articles, content, images and files downloadable from this website, without the written permission of SanTanValley.com representatives. Opinions and comments posted by viewers do not reflect the opinions of SanTanValley.com.

Search