Lucid helps oil-rich Saudi Arabia go electric in its carmaking push

Saudi Arabia is tapping Tesla rival Lucid Motors to help it become a hub for making electric cars, part of the energy-rich kingdom's ambitious plan to be less reliant on its oil income.the Financial Times

The kingdom is pouring dollars into the effort, overseen by its $600 billion Public Investment Fund. The sovereign wealth fund has already spent about $2 billion picking up a majority stake in Lucid, per the FT. It has reaped hefty profits from its oil sales over the past year on the back of Russia's war with Ukraine, which sent crude prices soaring in 2022. Its state-owned oil company Saudi Aramco posted aTapping into the EV industry is also a way to create new jobs and skills in the economy, as Saudi Arabia seeks to capitalise on the expected growth in the sector thanks in part to climate change initiatives.

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