Saudi sovereign wealth fund pours $1 billion into Bay Area Tesla rival

Saudi sovereign wealth fund pours $1 billion into Bay Area Tesla rival

Lucid Motors Inc. said Monday that it’s getting a $1 billion investment from Public Investment Fund of Saudi Arabia (PIF) to help it produce its first electric cars it plans to roll out in competition with Tesla Inc. The Saudi fund is the same one that Tesla CEO Elon Musk said at one point this summer was going to help him take his company private at $420 per share. (Weeks later, Musk changed his mind and said Tesla would remain a publicly traded company. The chain of events has prompted scrutiny…

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Saudi sovereign wealth fund pours $1 billion into Bay Area Tesla rival