Elon Musk

Saudi fund eyes investment in electric car startup Lucid Motors

The Lucid Air. Photo: Timothy A. Clary/AFP/Getty Images

Saudi Arabia's sovereign wealth fund may invest in luxury electric vehicle startup Lucid Motors, according to Reuters, which reports that recent discussions could result in the Saudis eventually investing over $1 billion and obtaining majority ownership.

Why it matters: The report comes just days after Tesla CEO Elon Musk claimed the Saudi Public Investment Fund (PIF) was "eager" to bankroll his plan to take Tesla private.

Elon Musk says Tesla may produce a lower-cost car in three years

Elon Musk
Elon Musk. Photo: Joshua Lott/Getty Images

Tesla CEO Elon Musk said the company may be producing a low-cost $25,000 electric car within three years in an interview with YouTuber Marques Brownlee, CNBC reports.

Why it matters: Musk's announcement comes after a two week period of scrutiny where he ran into trouble with the rollout of his plan to take the company private. Tesla currently represents a third of the U.S. market for plug-in vehicles and this could increase their dominance in the field. The company has been ramping up production of its Model 3, a more mass-market product that's key to its long-term future and already the nation's top-selling EV.