18 SEP

Tesla’s most credible rival raises $1 billion from Saudi Arabia

Lucid Motors, the electric car startup we described as Tesla’s most credible rival last year, got a shot in the arm on Monday as Saudi Arabia’s sovereign wealth fund announced a $ 1 billion investment. The company aims to bring its first car to market in 2020.

Lucid has been building up to this moment for more than a decade. The company was founded in 2007 under the name Atieva to build technology related to electric cars—but not the entire car itself. In 2015, the Chinese state-owned automaker BAIC became Lucid’s biggest investor, and we learned that Atieva was pivoting to face Tesla head-on by building an electric car of its own.

The company rebranded as Lucid two years ago and has a number of Tesla veterans—including chief technology officer Peter Rawlinson—helping design its first car, the Lucid Air.

Read 5 remaining paragraphs | Comments

Post Author: martin

Martin is an enthusiastic programmer, a webdeveloper and a young entrepreneur. He is intereted into computers for a long time. In the age of 10 he has programmed his first website and since then he has been working on web technologies until now. He is the Founder and Editor-in-Chief of BriefNews.eu and PCHealthBoost.info Online Magazines. His colleagues appreciate him as a passionate workhorse, a fan of new technologies, an eternal optimist and a dreamer, but especially the soul of the team for whom he can do anything in the world.