Tesla challenger Lucid Motors also in talks with Saudi Arabia for reported $1 billion funding

Saudi Arabia’s sovereign wealth fund is negotiating a more than $1 billion investment into Lucid Motors, an electric car startup run by battery company Atieva, Reuters reports. The Saudis and Lucid are far enough along in discussions that the two sides have drawn up a term sheet, a document typically used to outline the broader points of a potential deal.As it stands, the sovereign wealth fund’s investment in Lucid Motors would come in stages, and the first would be for $500 million