Saudi Arabia's Public Investment Fund invested more than $1bn in a deal closed earlier this month
Lucid Motors, the electric-car start-up funded by Saudi Arabia’s sovereign wealth fund, promoted its chief technology officer to the top job following co-founder Sam Weng’s retirement as CEO.
Peter Rawlinson, who was chief engineer of the Model S when he worked for Tesla, has long been the public face of Lucid, which plans to build electric sedans in 2020 at a factory in Arizona.
A lack of funding delayed those efforts until Saudi Arabia’s Public Investment Fund invested more than $1 billion in a deal closed earlier this month.
Lucid plans to start producing versions of its debut model, the Air sedan (pictured above), that will cost more than $100,000 and accelerate from zero to 60 miles per hour in 2.5 seconds. Rawlinson has said he expects the Air model to outperform Tesla’s Model S, which has a 335-mile range when fully charged.
“We will have a car with 400 miles of range. No one else is even close,” Rawlinson said in a phone interview.
In February, Rawlinson said Lucid was in talks to potentially share technology with other automakers, and that the company may plan an initial public offering of stock in a few years.For all the latest transport news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.