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Tesla Stock Slumps As Saudis Invest In EV Rival


For Tesla competitor Lucid Motors, "funding" is definitely "confirmed"...

Confirming rumors from mid-August, The Saudi Public Investment Fund has confirmed an investment of over $1 billion in Tesla competitor Lucid Motors to enable commercial launch of their first electric vehicle, Lucid Air, in 2020.

TSLA shares are sliding on the news...

Full Press Release:

Lucid Motors announced today that it has executed a US$1bn+ investment agreement with the Public Investment Fund of Saudi Arabia ("PIF"), through a special-purpose vehicle wholly owned by PIF.

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