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Tesla rival Lucid receives $1billion from Saudi Arabia

Tesla rival Lucid receives $1billion from Saudi Arabia

Lucid Motors, the electric auto startup which is well known for its amazing technology was on a halt from the past few years due to a shortage of funds is now been backed by Saudi Arabia. The organization means to put up its first auto for sale to the public in 2020.

The Saudi Arabia’s sovereign riches subsidize has consented to put more than $1 billion in Lucid, a potential Tesla contender. Saudi Arabia is putting resources into electric vehicles to enhance far from its reliance on oil.

Lucid has made his repo in the market around more than a decade. The organization was established in 2007 under the name Atieva, who were asked to give only technical support to a motor car but not to assemble the whole car. In 2015, the Chinese state-claimed automaker BAIC turned into Lucid’s greatest financial advisor, and they discovered that Atieva is planning to build its own car to have a face-to-face rivalry with Tesla. Two years down the line company rebranded its name to Lucid and had various experts from Tesla, including Peter Rawlinson, chief technology officer who helped in designing company’s first auto, the Lucid Air.

Lucid’s Chief Technology Officer, Peter Rawlinson, ex-VP and head vehicle designer at Tesla, who helped to outline the Model S, which was organization’s leap forward project. He made his exit from Tesla in 2012, not long after the Model S went into generation.

Rawlinson said the Lucid Air, will give such a great amount of room for more solace and extravagance that nobody has really yet abused the full advantages of zap, which the Model S needs. The model will also have rear seat arrangements that lean back to 55 degrees. Lucid boasts that its model is the extent of a Mercedes-Benz E Class while offering more inside space than the roomier S Class.

The Air model comes with dual-motor with 1,000 horsepower setup which can cover a distance from 0 to 60 miles per hour in just 2.5 seconds. The High-end model is expected to cost around $100,000. The company will construct and offer around 40,000 motor cars around the world after the initial ramp-up period.

About the author

Christopher Burns

Christopher Burns

Being acquainted with the concepts and terms of finance and business, and the capability to present them in a well-versed and simple language to the readers, Christopher earned this position of Senior Content Writer in our organization. Having an interest in ongoing political affairs, Christopher also puts forth his standpoints pertaining to it.

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