Saudi Arabia’s sovereign wealth fund has signed an agreement to invest more than $1 billion (₦362 billion in Naira) with Tesla’s rival Lucid Motors.

Lucid has languished over the years due to the inability to secure the necessary fundings to make its luxury electric cars.

It said the investment will allow it to build a factory in Arizona as well as roll out it’s first model, the lucid Air sedan, in 2020.