Saudi Arabia invests 1 billion to develop Electric vehicle will compete with Tesla

Published: Sep 21, 2018 13:15

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SMM, Sept. 21 / PRNewswire-FirstCall-Asianet /-Saudi electric car maker Lucid Motors has invested $1 billion. Through the Saudi Public Investment Fund, the investment will fund the complete engineering development and testing of the company's first electric vehicle, the Lucid Air, and will build a plant in Casa Grande, Arizona, which is expected to start selling in North America by 2020.

California-based Tesla has been facing delays in the delivery of Volkswagen Model 3 models.

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