Lucid Motors raises another billion dollars from Saudi Arabia to develop electric vehicle industry

Leading electric vehicle manufacturer Lucid Motors spends large sums of money on the development and production of its vehicles.

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The investment from Ayar Third Investment, a subsidiary of the Saudi Public Investment Fund, will add to the existing kingdom-controlled shareholding of approximately 60%.

The move is aimed at reducing the costs associated with the production and sale of the company's electric vehicles. Lucid plans to use the new funds to support the production of its Air electric vehicle and the launch of its Gravity electric SUV this year.

The new funding comes on the heels of Lucid's announcement that it will increase production of its electric vehicles despite financial losses last year. The target audience, which is looking for high-quality and environmentally friendly vehicles, will allow Lucid Motors to find new customers and increase its profits.

Source: TechCrunch