Saudi Arabia’s sovereign fund eyes investment in Lucid Motors, report says

Rosalie Gross
August 21, 2018

Now comes word from Reuters that Saudi Arabia's Sovereign Wealth Fund is in talks with Lucid that could result in an investment in the moribund company of up to $1 billion.

That said, the mythical $35,000 Model 3 likely won't be available until September at the absolute earliest given that Tesla didn't hit a production rate of 5,000 units per week until the end of June.

Tesla shares touched a three-month low of $285 in premarket trading before recovering to trade around $290, reducing its market value back below that of General Motors (GM.N) as the biggest USA carmaker.

Tesla has marketed its top-of-the-line models that boast head-snapping acceleration as having "Insane" and "Ludicrous" modes.

"Ford & Tesla are the only 2 American auto companies to avoid bankruptcy". Sovereign wealth funds often have more patience than public markets and could wait for the technology to be ready for the market, he said.

Tesla CEO Elon Musk and indie pop star Grimes no longer follow each other on Instagram.

"Tesla is revolutionary because it's all about how we can most efficiently use energy, which holds the potential to change the world", she wrote, adding: "You're demonstrating a wildly outdated, anti-scientific and horribly inefficient way of using human energy".

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The company is now under investigation by the Securities and Exchange Commission, which had already been probing Tesla's order volume and revenue figures. Then, Azealia Banks, who claims she spent a whole weekend alone in his mansion, accused him of doing acid before he sent the fated $420 tweet, and also of being a "beta male" who "took steroids and got hair plugs to convince himself he was an alpha".

Musk has also said he believes two-thirds of existing Tesla shareholders would roll over their holdings into a private company, rather than cash out, and that he was still talking with major shareholders and advisers before settling on a structure for a deal.

JPMorgan cut its December price target to $195 from $308, saying it had become clear since Musk's tweet on August 7 that no formal plan to take Tesla private actually existed. Her description accompanying the open letter describes her as a "flat shoe advocate and sleep evangelist".

"Shipping the min cost Model 3 right now would cause Tesla to lose money and die", Musk said on Twitter this past May.

Lucid first announced in November 2016 that it chose Arizona as the home for a $700 million manufacturing facility.

The talks between privately-held Lucid Motors and PIF underscore the latter's appetite to invest in electric vehicle makers to diversify the oil-rich Middle Eastern kingdom's investment portfolio. Ford ultimately moved on.

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