Saudi group could invest $1B in Tesla rival that plans to build Phoenix-area factory

An electric-car startup that has plans to build a manufacturing plant in Arizona is in discussions for a $1 billion investment from Saudi Arabia.

Saudi Arabia’s deep-pocketed sovereign wealth fund is in talks to invest more than $1 billion in Newark, California-based Lucid Motors, Reuters reports, citing unnamed sources.

The Public Investment Fund of Saudi Arabia (PIF) and Lucid Motors have drawn up a term sheet that details an initial $500 million investment, followed by two additional tranches…

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