Saudi Arabia has agreed to invest more than $1 billion in Lucid, a potential Tesla competitor. Lucid is planning a new high-performance electric car. Last month Tesla CEO Elon Musk disclosed that the Saudis had taken nearly a 5% stake in his electric car company. He left Tesla in 2012, shortly after the Model S went into production. Rawlinson said the Lucid Air will have luxury features that the Model S lacks.

Source: CNN September 17, 2018 20:35 UTC