Lucid Motors Receives $1 Billion Investment From Saudi Arabia

Electric car start-up Lucid Motors has announced that it has secured an excess of $1 billion (around Rs 72.7 crore) funding from the Public Investment Fund (PIF) of Saudi Arabia.This funding allows the brand to complete the engineering development and testing required to produce the Air – their all-electric sedan – which is due in 2020. It will be built at the company's first factory which will be newly built in Casa Grande, Arizona.