Saudi PIF invests in Lucid Motors

As part of its "Vision 2030", Saudi Arabia plans to convert 30% of Riyadh's vehicles to electric vehicles by 2030 and deploy 5,000 fast charging stations across the country. To achieve this goal, PIF has invested in and controlled Lucid Motors, an American electric car manufacturer, and established a local brand Ceer Motors. Recently, Lucid received an additional $1.5 billion investment from Saudi PIF to produce the Gravity SUV, and plans to launch an electric SUV priced at about 38,000 pounds to compete with Tesla Model Y.