Business Insider/Justin Gmoser
- Saudi Arabia's sovereign wealth fund is in talks to invest in Californian electric car maker Lucid Motors.
- Lucid is a rival to Tesla.
- Tesla CEO Elon Musk said the Saudi sovereign wealth fund was set to fund his bid to take Tesla private.
(Reuters) - PIF, the Saudi Arabian sovereign wealth fund that Tesla CEO Elon Musk has said could help him fund an offer to take his electric car maker private, is in talks to invest in aspiring Tesla rival Lucid Motors, people familiar with the matter said on Sunday.
The talks between privately-held Lucid Motors and PIF underscore the latter's appetite to invest in electric car makers to diversify the oil-rich Middle Eastern kingdom's investment portfolio.
See the rest of the story at Business Insider
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