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The sovereign fund of Saudi Arabia, according to the agreement of intent, can invest more than $1 billion in Lucid Motors, a competitor of American Tesla, and acquire a controlling stake in it, Reuters reports citing sources familiar with the situation. According to them, the initial amount of investments will be 500 million dollars. The rest of the sum will be split into two tranches, which Lucid Motors will be able to get when certain production figures are reached. Saudi Arabia, thus, shows interest in the electric vehicle industry as an option for diversifying its investments. Earlier, Tesla CEO Elon Musk said that he was considering a delisting option, and the sovereign fund of Saudi Arabia could finance this idea.
On Tuesday, Tesla Inc.’s (TSLA.O) Chief Executive Officer Elon Musk announced that the automotive company would start to open its licensing software to supply powertrains and batteries for other car manufacturers. “Tesla is open ...
Indonesia on Wednesday rolled out a 100 trillion Rupiah ($6.92 billion) loan guarantee scheme for prioritized businesses to keep them afloat as the COVID-19 situation continued to worsen around the world, the country’s finance minister ...
Japan’s first-quarter business spending came smaller than what was initially estimated, revised data showed on Monday. This underscored a sharper damage that the novel coronavirus pandemic had inflicted on the world’s third-biggest ...
Bloomberg News reported on Thursday that Elon Musk’s Space Exploration Technologies Corp. (SpaceX) is in talks to raise new funds at a valuation of $44 billion. The aerospace company said that it is in discussions with a number of investors ...
On Wednesday, Tesla Inc. (TSLA.O) posted its second-quarter profit worth $104 Million from April to June despite shutting down its electric vehicle factory in Fremont, California for roughly seven weeks due to the coronavirus pandemic. Tesla ...
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