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Just a month back, Tesla CEO Elon Musk made an announcement on his twitter account that Saudi Arabia has offered to invest in Tesla to help the company go private. The claim was taken back when Elon Musk again officially stated that he has no plans to make the company private and Tesla will remain a public company. Reports indicate that Saudi Arabia denied the funds due to which Elon Musk had to change his plans. However, what’s surprising is that just a month later, the Saudi Public Investment Fund has decided to invest $1 billion dollars in Lucid which is a competitor of Tesla. Lucid Motors Inc. which had delayed the plans of launching its ‘Air’ sedan can now start producing the car in 2020. Lucid Motors Inc further revealed their plan to build a plant in Arizona and produce up to 20,000 units of the car in the first year. The PIF investment in Lucid Motors Inc. may have its advantages but the timing of everything raises a lot of questions. What do you think might be the reason of Saudi Arabia not investing in Tesla and choosing Lucid instead? Do share your opinion with us.
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The Formula E is debuting in the Middle East next season in Riyadh as announced by Prince Khaled Bin Sultan Bin Abdullah AlFaisal, president of the Saudi Arabian Motor Federation, and Prince Abdulaziz bin Turki AlFaisal Al Saud, vice-chair of the Saudi Arabia General Sports Authority along with the founder and CEO of Formula E, Alejandro Agag. The opening round of the 2018/19 ABB FIA Formula E Championship will take place in December. For those who don’t know, Formula E is a racing event which involves only electric-powered vehicles. The racing series started back in 2011 and it is now arriving in the Middle East for the very first time. Talking about the event, Alejandro Agag mentioned that Saudi Arabia being an excellent country that is working on developing a better future is the perfect venue for introducing the next-gen Formula E cars. As for the UAE, there are already some race events taking place in Abu Dhabi from 22nd to 25th November 2018. Visit the F1 Experience website to know more details. If you have attended the Formula E racing event in the past, please share your experience with us and let us know more about it.