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Saudi investment fund reportedly wants stake in Lucid Motors
The Saudi Arabian sovereign wealth fund may be planning to buy a stake in potential Tesla rival Lucid Motors, according to a Reuters report.
Tesla CEO Elon Musk suggested last week that he had held talks with the same Saudi investment fund.
The report says that the fund has drawn up a term sheet to invest $500 million in Lucid. It could invest up to $1 billion to acquire majority ownership in the electric carmaker after Lucid meets certain production targets.
The report cited "people familiar with the matter."
Read more on greencarreports.com