EVs to topple Elon
Wannabe upscale electric car maker Lucid Motors has just snagged a $1bn investment. The Silicon Valley-based start-up has picked up finance from Saudi Arabia’s Public Investment Fund as part of the state’s plan to develop an environmentally friendly economy.
“It’s all the capital we need for three things – to continue the development of the car, to construct the factory in Arizona, and to initiate the rollout of our global retail strategy and that will commence in the US because that’s our first market,” the company told Reuters.
Lucid says it plans to take on Tesla, along with the likes of Audi and BMW. The company was founded by a former Tesla executive.
Lucid just cut a deal with US charging operator Electrify America to offer high-speed charging for its EV-in-the-making. Electrify America, which is backed by VW, is promising to roll out over 2,000 high-power chargers.
e-Overview: The high-end electric car market is getting busier by the week. And everyone has a touch of Tesla envy. It’s not only start-ups but also Big Auto. Audi recently unveiled its Musk-killer in the shape of the e-tron, Jaguar has the I-Pace, while Aston Martin plans to breathe new life into its Lagonda brand with luxury electric. Tesla competitors will be hoping that the company’s production issues remain so that they have space to manoeuvre against what is clearly the vehicle to beat at the top of the market.
Image: Lucid Motors