Saudi PIF-backed Lucid Motors enters Middle East market – ZAWYA

Saudi PIF-backed Lucid Motors enters Middle East market – ZAWYA

Saudi PIF-backed Lucid Motors enters Middle East market. US-based electric car manufacturer, Lucid Motors, has entered the Middle East market with a focus on Saudi Arabia and the UAE.. The Newark-based manufacturer, backed by the Saudi's Public Investment Fund ( PIF ), announced that it is currently accepting reservations for its Lucid Air sports sedan in both Saudi Arabia and the UAE.. In the first week of April, Lucid Motors closed its previously announced $1 billion plus investment from the PIF.. In a media statement, Lucid Motors said it plans to develop the world's most advanced electric car, including battery packs with unmatched energy density and electric motors that are incredibly powerful efficient..