Lucid Motors said they would use the funds to construct a factory and enter production of the Lucid Air model. REUTERS/Andrew Kelly/File Photo
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Saudi Arabia's sovereign wealth fund invested over $1 billion Monday in an American electric car manufacturer just weeks after Tesla CEO Elon Musk earlier claimed the kingdom would help his own firm go private. Tesla stock dropped Monday on reaction to the news, the same day that the Saudi fund announced it had taken its first loan, an $11 billion borrowing from global banks as it tries to expand its investments.The Saudi Public Investment Fund said it would invest the over $1 billion in Newark, California-based Lucid Motors.Musk later said that the Saudi Public Investment Fund would be investing in the firm, something Saudi officials never comment on.
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