Jump to content
News
Reviews
Discussons
Activity
Create New...
Close

  • 💬 Join the Conversation

    CnG Logo SQ 2023 RedBlue FavIcon300w.png
    Since 2001, Cheers & Gears has been the go-to hub for automotive enthusiasts. Join today to access our vibrant forums, upload your vehicle to the Garage, and connect with fellow gearheads around the world.

     

  • William Maley
    William Maley

    By William Maley •

    Lucid Motors and Saudi Arabia's PIF Sign An Investment Agreement

      Totaling over a billion dollars

    Last month, we reported on a rumor that that Saudi Arabia's Public Investment Fund (PIF) was in talks about possibly providing funding to electric car start-up Lucid Motors. The fund would provide an initial investment of $500 million, but would expand it to a billion if certain milestones were met.

    This morning, Lucid Motors announced that it signed an agreement with the PIF totaling over $1 billion, subject to necessary regulatory approvals. If given the go-ahead, Lucid will use the money to finish building their plant in Arizona, complete development on Air, and begin production by 2020.

    “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,” said a spokesman for the PIF.

    The PIF made headlines last month when Tesla CEO Elon Musk revealed the fund as being the provider for the automaker to go private. This was based on discussions between the two, along with the fund purchasing a small stake. But as we reported later in the month, officials at the fund were not so keen on this idea.

    Source: Lucid Motors

    Go to articles

    User Feedback

    Recommended Comments

    riviera74

    An electric start up receiving investment funds from a sovereign investment fund built on oil revenues.  That is weird indeed.  You would think that the Saudis would find a way to increase oil consumption rather than reduce it.

    Link to comment
    Share on other sites
    G. David Felt
    3 hours ago, riviera74 said:

    An electric start up receiving investment funds from a sovereign investment fund built on oil revenues.  That is weird indeed.  You would think that the Saudis would find a way to increase oil consumption rather than reduce it.

    They are on the back end of their oil reserves and must diversify for the long term wealth of their country. Right now going into other technology is the smartest thing they can do.

    Link to comment
    Share on other sites
    Drew Dowdell
    17 hours ago, riviera74 said:

    An electric start up receiving investment funds from a sovereign investment fund built on oil revenues.  That is weird indeed.  You would think that the Saudis would find a way to increase oil consumption rather than reduce it.

    The Saudis are one of the few out there that sees the writing on the wall with regard to fossil fuels.  With an economy so heavily invested in oil they are working feverishly.... no... frantically... to diversify their economy.  They're trying to open up to tourism by building brand new resort cities on their south eastern coast. They are now allowing women to drive. They are working on solar and electric car projects. They are getting deep into banking and foreign real estate.   I may not agree with them on most things... but they know what's up and are planning ahead. 

    • Agree 1
    Link to comment
    Share on other sites


    Join the conversation

    You can post now and register later. If you have an account, sign in now to post with your account.
    Note: Your post will require moderator approval before it will be visible.

    Guest
    Add a comment...

    ×   Pasted as rich text.   Paste as plain text instead

      Only 75 emoji are allowed.

    ×   Your link has been automatically embedded.   Display as a link instead

    ×   Your previous content has been restored.   Clear editor

    ×   You cannot paste images directly. Upload or insert images from URL.

    ×



  • Support Real Automotive Journalism

    Cheers and Gears Logo

    Since 2001, Cheers & Gears has delivered real content and honest opinions — not emotionless AI output or manufacturer-filtered fluff.

    If you value independent voices and authentic reviews, consider subscribing. Plans start at just $2.25/month, and paid members enjoy an ad-light experience.*

    You can view subscription options here.

    *a very limited number of ads contain special coupon deals for our members and will show

  • Similar Content

  • Posts

    • oldshurst442
      Beautiful Cars Appreciation Thread

      By oldshurst442 · Posted

    • G. David Felt
      Random Thoughts Thread

      By G. David Felt · Posted

      I hope, truly hope that the judges wake up to the fact that the President is NOT above the law and he CANNOT stop congress approved programs. Idiot47 needs to lose big time and finish his step into the under verse as he already has one foot in the ground. Time to go Idiot to where you belong. Donald Trump hit by lawsuit from 17 attorneys general
    • trinacriabob
      Permanent Car Spotters

      By trinacriabob · Posted

      I forgot this one from a visit to the State of New York.  This one was seen at Bear Mountain State Park. It looks like a Saturn Skye.  In my opinion, Saturn had the best looking minivan (Relay), the best looking compact (Aura), and the best looking two-seater (this) at the very end of those vehicle category runs for GM. Even if they shared mechanical underpinnings, these cars just looked a little bit cleaner than those of the others.
    • oldshurst442
      Random Thoughts Thread

      By oldshurst442 · Posted

      Awesome specimen.    Sadly though, it is no longer available for sale.  Did the seller find a buyer?  At $48 000, it is relatively cheap to buy.  Does that mean muscle cars are going down in price?  Maybe its not a "numbers matching" 455.  Perhaps an aftermarket "upgrade".  It does have an Edelbrock stamp on the block which explains the "low" price of 48 thousand.   Either way, Id buy it.  Well...not now.  Owning a "vintage" muscle car would be #2 of my dreams and wishes.   Im on my way of realizing my #1  of dreams and wishes.  Owning a home (condo) on a Greek island.  My financials are almost there for that.  If #1 is not fullfilled, then #2 would happen.  But #1 looks to be right on track.  Only thing I will whine about is: Although I LOOOOVE Cragar SS wheels,  ESPECIALLY on muscle cars, I somehow disapprove of them on a 442.  The rich that support him are making even MORE money with him there so no...they will NOT listen. They do not care.  The others are racist bastards that as long as the ones they hate are in worse shape than they are, then they will allow trump to destroy the country.  It WILL take the rest of you to fight for your country.    To remove him FORCIBLY  and all those other cancerous shyteholes that have infected your country. 
    • G. David Felt
      Random Thoughts Thread

      By G. David Felt · Posted

      @oldshurst442 Found your next car, on ebay for sale!  1970 Oldsmobile 442 1970 Oldsmobile 442 | eBay 1970 Oldsmobile 442 | eBay Very clear that WE THE PEOPLE are speaking up louder, but will those idiots that enable Idiot47 listen. Maria Shriver makes bold political statement about Trump after series of tragedies: 'I've had enough'

  • Who's Online (See full list)

    • There are no registered users currently online

  • My Clubs

×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.

Hey there, we noticed you're using an ad-blocker. We're a small site that is supported by ads or subscriptions. We rely on these to pay for server costs and vehicle reviews.  Please consider whitelisting us in your ad-blocker, or if you really like what you see, you can pick up one of our subscriptions for just $1.75 a month or $15 a year. It may not seem like a lot, but it goes a long way to help support real, honest content, that isn't generated by an AI bot.

See you out there.

Drew
Editor-in-Chief

I've whitelisted
Continue without support

Write what you are looking for and press enter or click the search icon to begin your search