Saudi Arabia's sovereign wealth fund has signed an agreement to invest more than $1 billion (₦362 billion in Naira) with Tesla's rival Lucid Motors.

Lucid has languished over the years due to the inability to secure the necessary fundings to make its luxury electric cars.

It said the investment will allow it to build a factory in Arizona as well as roll out it's first model, the lucid Air sedan, in 2020.



The Lucid Air's performance is expected to be superior to Tesla's Model S. It will have a range of 400 miles on a single charge, a top speed of more than 235 mph and a zero to 60 mph in only 2.5 seconds

Saudi Arabia,the world’s biggest oil exporter, is already diversifying away from its dependence on oil after the collapse in crude prices.

Just last month ,Tesla's Elon Musk revealed the Saudis had taken nearly a 5% stake in his electric car company.

https://autojosh.com/saudi-arabias-sovereign-wealth-fund-to-invest-1billion-in-teslas-rival-lucid-motors/

Good move

Saudi Arabia beta people.. already diversifying their economy.

Bubu and his cronies are still head stuck on oil money.

Please dont quote me with your nonsense, I am not feeling fine.

This is called Progress.

Nice...

Nigeria crude oil wealth was wasted, looted and mismanaged by greedy politicians both military and civilian for close to 50 years.

See how the Saudi are investing their crude oil money in the automobile industry.

It was our governors who were pestering Mrs Ngozi Okonjo- Iweala to share money that were meant to be saved to run the Nigerian economy.

Now the federal and state government can not fund capital project in Nigeria such as the power sectors, Agriculture etc.

President Muhammadu Buhari travelled recently to China with a view to getting Chinese investment in Nigeria.

If the Chinese give us loans generation unborn will be paying that loan because even the loan will be mismanaged by the federal government.

It is high time Nigeria focus seriously on the solid mineral sectors and agriculture.

NORTHERN NIGERIA POLITICAL LEADERS SHOULD JOIN THEIR COUNTERPART IN THE MIDDLE BELT AND SOUTHERN NIGERIA TO SUPPORT RESTRUCTURING.

If Saudi Arabia that is one of the richest countries in terms of crude oil deposit can still be shaken by global economic slide and is running helter sketer to work things up.

Then, the Nigeria political leadership will have to wake up to this global realities.

Gone are the days of just waiting for federal allocations.

Nigeria can only develop faster if our political leaders learn to think OUTSIDE THE BOX.

We can not afford to be term BANANA REPUBLIC OR A FAILED STATE.

A stitch in time saves nine.

I guess Saudi has now admitted that the crude oil era is over.

Canada too is already planing for the post carbon era by heavily investing in green forms of energy production.

Nigeria is still sleeping and searching for crude in lake chad when other oil producing countries are moving on.

Ragheads trying to prepare for the post petroleum world.
Meanwhile our shithead dullard and his lazy aboki brethren are obsessesed with controlling Niger Delta oil for their own selfish use.

the ride looks superb and splendid.

Let not some idiots mention islamization the way they do here by accusing liked of Dangote.
This is pure biz

Hmmmm, see country with great leaders, thinking about there tomorrow. This bastar* from this part of the country don chop our tomorrow, today

Nice

Africa looks cursed tbh

That's one hell of a ride..

freelance231:
SHIT-So Happy Is Tuesday
whatsapp or call for your Fixed game
View won Ticket for clarification...

Na you won play the ball abi all this hungry guys everywhere

They can see the future too!

Saudi and money

Nigeria still dey chase oil

The race is on. I like healthy rivalry.it brings positive changes

In Nigeria, we are investing
heavily on our politicians, to ensure
a better future for our children & country.

Every year, we give them about
20% of our national budget & allow
them 'pad' their own budget to keep
them happy & focused.

We also reserve all the best Federal
jobs for their intelligent, hardworking children,
while the common man & his lazy kids
are kept in check with Tradermoni™ & Npower.

Happy politicians,
Happy Nigeria...

rozayx5:
Nigeria still dey chase oil

SAUDI is doing just everything to stop electric cars so if they invested in the company doesnt mean they really want it's progress,its just a way to slow down the whole process.It's one of the reasons Tesla investors stop Elon musk from getting funds from Saudi Arabia or go private

The Saudis would never invest in any business in Nigeria's soil apart from terrorism.

Recently, Qatar invented 15billion$ in Turkey to improve it economy after giving it government $500million jet! That's what one could call allies.

Saudis should at least help the lives of the less prevailed muslims in the North.

D SAUDIS DON'T SEEMS TO KNOW WAT TO DO WITH DER OIL MONEY.

And Nigeria's SWF was looted, and still looted.

Badgers14:
Saudi Arabia beta people.. already diversifying their economy.

Bubu and his cronies are still head stuck on oil money.

Please dont quote me with your nonsense, I am not feeling fine.

Can't stop laughing whenever I see this picture

Good. Enough of the weed smoking bully.