Saudi sovereign fund invests $1B in U.S. electric car firm

FILE PHOTO | Courtesy of Lucid Motors

Dubai, United Arab Emirates — Saudi Arabia’s sovereign wealth fund invested more than $1 billion Monday in an American electric car manufacturer. The electric-car investment is a bold move for Saudi Arabia, an ultraconservative kingdom that for decades has relied on its oil wealth as the world’s top crude exporter. The Saudi Public Investment Fund said it would invest the over $1 billion in California-based Lucid Motors, an 11-year-old private company that has yet to bring a vehicle to market.