Lucid Motors snags ex-Tesla exec

Lucid Motors, the luxury EV startup with Saudi backing, has brought on a former high-level Tesla executive as it prepares to launch production at an Arizona plant next year.

Driving the news: California-based Lucid said Monday that Peter Hochholdinger has joined the company as VP of manufacturing. He will oversee both manufacturing production and engineering.

Why it matters: TechCrunch points out, "Lucid will need the kind of institutional knowledge Hochholdinger gained over his career as it moves toward its first production vehicle, the Lucid Air, as well as future models."

Context: Hochholdinger, who was Tesla's VP of production, left last month after 3 years with the company. Prior to Tesla he spent 24 years with Audi, becoming senior production director for several models. More details...

• Lucid CEO Peter Rawlinson is also a Tesla alum.
• Saudi Arabia's sovereign wealth fund last year said it's investing over $1 billion in the company.
• Production of the Lucid Air luxury sedan is slated to launch next year in Casa Grande, Arizona.

Go deeper: Potential Tesla rival Lucid Motors makes its move