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Saudi Fund Breathes New Life Into Lucid After Going Mum on Musk

David Welch, Matthew Martin, Keith Naughton
Saudi Fund Breathes New Life Into Lucid After Going Mum on Musk

Saudi Arabia has come to the rescue. Just weeks after it emerged that the kingdom’s Public Investment Fund had built a stake in Tesla Inc., the sovereign wealth giant signed an agreement to invest more than $1 billion in Lucid, which is aspiring to take on the Elon Musk-led company. The transaction clinches long-sought funding that was crucial to Lucid getting its first model, the Air sedan, into production.