Tesla shares nosediving as Elon Musk's privatization plans leave market unimpressed

Saudi Arabia's government fund plans to buy majority shares in Lucid Motors in a $1 billion deal

Shares in the electric auto maker are down more than a fifth since he revealed the plan in a tweet on 7 August. No, it's not Tesla Inc.

The talks held between PIF and Lucid Motors have so far resulted in a "term sheet", it was reported by Business Insider overnight.

Only a few hours before sunrise in California on Sunday, Musk said he'd just gotten home from the electric-car factory where he has toiled - and often slept - for months to ramp up Model 3 sedan production. Still, prospective buyers interested in picking up a Model 3 for just $35,000 still need to exercise some patience as Tesla, for the time being, is prioritizing buyers interested in purchasing souped up Model 3 units in the $50,000 rage.

In researching this story, I went back into the CleanTechnica files and was surprised to find we had written barely a word about the company since July of a year ago when we reported a prototype of the Lucid Air sedan had achieved a top speed of 235 miles per hour. It was founded by Bernard Tse, who was previously a vice president of Tesla, and Sam Weng, a former executive at Oracle. The company has since assembled a team recruited from Mazda and Tesla, including Chief Technical Officer Peter Rawlinson, who was chief engineer of Tesla's Model S before joining in 2013.

Air's motor can produce the equivalent of 400 horsepower and run 240 miles on a charge, the CTO said.

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Lucid Motors is not yet selling any cars. Neither PIF nor Lucid Motors immediately returned requests for comment.

The bearish analysis followed a report on Sunday that Saudi Arabia's sovereign wealth fund - the very investor that Musk has described as a linchpin of his plan to take Tesla private - was considering buying a stake in another U.S. electric-car company.

Brinkman, who had hiked his price target on Tesla to US$308 after Musk's initial take-private tweet on August 7, dropped it back to the earlier level of US$195.

The Saudi PIF has a mission to invest in new technology and diversify both its portfolio and the Saudi economy away from oil and gas.

Musk said that in late July, he met Saudi Arabian sovereign fund representatives to discuss the electric carmaker's possible exit from the stock market.

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