Lucid Motors has executed a billion-dollar investment agreement with the Public Investment Fund of Saudi Arabia (PIF). Lucid plans to use the funding to complete engineering development and testing of its Lucid Air luxury sedan, finish building its Arizona factory and begin production.

Silicon Valley-based Lucid Motors, which has a number of former Tesla execs on staff, including CTO Peter Rawlinson, revealed the Lucid Air last December. In April, Rawlinson told Charged that the company would require around $260 million to get production rolling at an initial rate of 20,000 cars per year, so PIF’s cool billion should bring the company pretty far down the road.

“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,” said a spokesperson for PIF.

Source: Lucid Motors