Saudi Arabia's sovereign wealth fund plans to invest over $1 billion into Lucid Motors, which the Silicon Valley electric automaker said will enable the commercial launch of its first vehicle in 2020.

Why it matters: The funding signals how the Saudis are seeking to use their Public Investment Fund (PIF) to help the kingdom, OPEC's dominant oil producer, diversify its crude-reliant economy.

Word of the Saudi interest in Lucid, a potential rival to Tesla that's eyeing the luxury market with a vehicle called the Lucid Air, surfaced last month.

The PIF also has a roughly 5% stake in Tesla, according to multiple reports.

The intrigue: The Saudi interest in the electric vehicle market attracted intense attention recently when Tesla CEO Elon Musk said he'd held advanced discussions with the PIF about bankrolling his expensive, now-abandoned plan to take Tesla private.

What they're saying: "By investing in the rapidly expanding electric vehicle market, PIF is gaining exposure to long-term growth opportunities, supporting innovation and technological development and driving revenue and sectoral diversification for the Kingdom of Saudi Arabia," a spokesperson for the PIF said in a statement alongside Monday's announcement.

Lucid said it will use the money to "complete engineering development and testing of the Lucid Air, construct its factory in Casa Grande, Arizona, begin the global rollout of its retail strategy starting in North America, and enter production for the Lucid Air."

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Updated 2 mins ago - World

Hong Kong media tycoon Jimmy Lai arrested under national security law

Millionaire media tycoon Jimmy Lai (C) and other activists outside the West Kowloon Magistrates Court in Hong Kong in July. Photo: Anthony WallaceA/AFP via Getty Images

Hong Kong pro-democracy activist Jimmy Lai has been arrested for "collusion with foreign powers," said Mark Simon, an executive at the tycoon's media firm Next Digital Monday morning local time.

Why it matters: He was arrested under the national security law imposed by China in late June that gives Beijing more powers over the former British colony. Lai is the most prominent person arrested under the law, which prompted the U.S. to sanction Chinese officials, including Hong Kong leader Carrie Lam, over Beijing's efforts to strip the territory of its autonomy.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 8:30 p.m. ET: 19,769,560— Total deaths: 729,351 — Total recoveries — 12,030,061Map.
  2. U.S.: Total confirmed cases as of 8:30 p.m. ET: 5,041,573 — Total deaths: 162,913 — Total recoveries: 1,656,864 — Total tests: 61,792,571Map.
  3. Politics: Pelosi says states don't have the funds to comply with Trump's executive order on unemployment — Mnuchin says Trump executive orders were cleared by Justice Department.
  4. States: New York reports lowest rate of positive coronavirus test results since pandemic began
  5. Public health: Ex-FDA head: U.S. will "definitely" see 200,000 to 300,000 virus deaths by end of 2020. 
  6. Schools: Nine test positive at Georgia school where photo showing packed hallway went viral — How back-to-school is playing out in the South as coronavirus rages on.

New York reports new low positive coronavirus test rate

People physically distancing at tables in New York City's Times Square in June. Photo: Johannes Eisele/AFP via Getty Images

New York Gov. Andrew Cuomo (D) announced Sunday 515 people, or 0.78% of those tested, returned a positive reading for COVID-19 the previous day.

Why it matters: It's the lowest single-day positive rate since the start of the pandemic. It's another sign that the state that was once a global coronavirus epicenter is curbing the spread of the virus. "Our daily numbers remain low and steady, despite increasing infection rates across the country, and even in our region," Cuomo said in a statement. "But we must not become complacent: Everyone should continue to wear their masks and socially distance."

Go deeper: Cuomo says all New York schools can reopen for in-person learning