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Tesla’s rival Lucid Motors is in talks with Saudi Arabia for a billion dollars of funding

An electric car start by Atieva is in negotiation with Saudi Arabia’s sovereign wealth fund. They’re so far along in the talks that two sides have drawn up a term sheet, a document typically used to outline the broader points of a potential deal.

According to reports the funding would come in stages,at first it would be for $500 million the company will be eligible for two additional stages of an undisclosed amount as long as the company hits certain production milestones.  The investment would be a boom for Lucid, which has languished over the last year as it failed to secure the funding necessary to start making cars.

This news comes in less than two weeks after Saudi Arabia purchased 5 percent of Tesla and emerged as a central player in Elon Musk’s effort to take the company private again. Lucid also tried last summer to secure funding assistance through tax credits worth about $50 million by working with a firm called Dudley Ventures, according to the emails. But the company wasn’t at a point where we could help them.

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