Saudi Arabia’s sovereign wealth fund has increased its investment in electric car maker Lucid Motors by $550 million. The funds will be used to purchase convertible preferred shares through the fund’s subsidiary.
The new funding comes as the company expands its robotaxi projects. Uber has also committed to investing an additional $200 million and increased its plan to buy at least 35,000 vehicles.
The fund is reportedly acting as a long-term strategic investor and the investment is expected to help Lucid strengthen its financial position and expand its robotaxi fleet.
