Things Just Got Real for Tesla Competitor Lucid Motors

The company, which announced a $1 billion deal with the Saudi Arabian Public Investment Fund last September, confirmed on Thursday that the investment is complete. That could make Lucid the most realistic competitor to Tesla yet, as it plans to bring its nearly fully developed Lucid Air to production next year and now has the funding to do so.

Lucid is privately held, so terms of the deal have not been revealed, but the Saudi fund is thought to have acquired a majority stake in Lucid. The Saudi investment fund also owns a 5 percent stake in Tesla.