Where the sovereign wealth fund of one of the richest countries in the world chooses to pump in over $1bn, rest assured there is a bountiful harvest to reap. In 2018, Saudi Arabia’s Public Investment Fund backed California-headquartered Lucid Motors – a relatively new American company which is now baiting one of the world’s most valuable carmakers, Tesla.
Lucid isn’t just shooting its lip. At its helm is Peter Rawlinson. Remember the Tesla Model S? It’s impossible not to, considering it has become the most successful electric sedan manufactured to date. Rawlinson was the chief engineer on that car, and reportedly a confidant of Elon Musk.
“It’s a testament to the vision of the kingdom of Saudi Arabia and to the vision of the Public Investment Fund that they have the foresight to invest in the future of not just mobility, but the future of energy and energy use,” Rawlinson tells Gulf Business, while adding, “and to recognise that oil will not be there forever. This is a very shrewd move on the chessboard for them.”
A study by Allied Market Research suggests that the electric segment is expected to record a compound annual growth rate of 9.7 per cent from 2019 through to 2026. Carmakers have scrambled to electrify their fleet. The Porsche Taycan is a full-electric car, Mercedes EQS is in the advanced stages of being realised, and Audi recently showcased its Q4 Sportback E-Tron concept.
This story is from the November 2020 edition of Gulf Business.
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This story is from the November 2020 edition of Gulf Business.
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