Saudi Arabia invests $1bn in Tesla competitor Lucid

Saudi Arabia on Monday announced it has signed off on a $1 billion investment in US carmaker Lucid Motors with the aim of helping the Tesla rival roll out electric cars. The Public Investment Fund, which invests on behalf of the Saudi government, said the outlay was aimed at funding the commercial launch of the Lucid Air model in 2020, pending regulatory approvals and closing conditions. Saudi Arabia, the world's largest exporter of oil and a crucial US ally in the Middle East, has pushed to diversify its economy since the 2014 crude market crash.

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