Elon Musk

Since then? Silence. There had been talk back in 2016 of a factory in Arizona and of a new headquarters facility in Silicon Valley last fall, but while Tesla has been going through production hell, Lucid seems to have been in suspended animation mode.

That bearish view comes after a Reuters report on Sunday that Saudi Arabia's sovereign wealth fund, a key piece of Musk's plan to take Tesla private, was mulling purchasing a billion-dollar investment in rival electric-carmaker Lucid Motors, which would give it a controlling stake.

PIF and Lucid Motors have drawn up a term sheet under which PIF could invest more than $1 billion in Lucid Motors and obtain majority ownership, the sources said.

Apparently, the Saudis are prepared to put up $500 million initially, with the balance of the investment coming later as certain production milestones are reached.


The sources asked not to be identified because the matter is confidential.

While its prototype Lucid Air sedan has been well-received, it's unclear whether the company has the funding to get production going.

The Saudis' Public Investment Fund, which recently purchased nearly 5% of Tesla, is in talks for a separate $1bn investment in Lucid Motors that would give the fund control of that fledgling automaker, Reuters reported. In a Monday research note, JPMorgan analyst Ryan Brinkman discarded any notion that Musk would take the company private at $420 a share.

Shares in electric carmaker Tesla continued falling on Monday.


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.

Lucid was co-founded by Sam Weng, who came from software maker Oracle Corp., and two partners as a maker of battery systems.

Lucid Motors is not yet selling any cars.

Lucid has no updated information on the vehicle on its website.


The electric auto company's stock was down almost 3 percent in early morning trading Monday. Indeed, all the cars Tesla started out with - from the original Roadster to the Model X - were done to kickstart the EV revolution into high gear and help bankroll a mass market EV that would eventually become known as the Model 3.

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