Elon Musk Claims Tesla Could Produce a $25,000 auto in Three Years

Elon Musk

Elon Musk says cutting back on work hours isn't an option

The terms could result in $US500 million being injected into the company, sources told BI, followed by more investments totalling another $US500 million that would be subject to the company successfully hitting certain milestone targets.

A Lucid spokeswoman declined to comment, and representatives for the Saudi fund couldn't immediately be reached for comment on the Reuters report, which cited people familiar with the talks without identifying them.

The sources asked not to be identified because the matter is confidential.

California-based Lucid Motors, formerly named Atieva, unveiled a prototype of a luxury sedan the Lucid Air at its unveiling in Fremont, California, U.S., December 14, 2016.

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Last week, Elon Musk revealed that the same Saudi Arabian sovereign wealth fund could bankroll a $72 billion move to take Tesla private.

He later said that meetings with Saudi Arabia's sovereign wealth fund had given him confidence to announce the news.

The developments helped extend a slide that wiped out 14 percent of Tesla's share value last week.

Shares of Tesla were up marginally at $309.50 in trading before the bell on Tuesday. Lucid also planned on a higher-end, 1,000 horsepower version that can drive 400 miles on a charge will be much more expensive, selling for "well north of $100,000", Rawlinson said at the time.

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Bernard Tse is CEO of Lucid Motors, but for a time he was on Tesla's board and also acted as VP for the company's original "Tesla Energy Group". Its financial backers included Jia Yueting, the Chinese billionaire behind Faraday Future and Chinese automaker BAIC.

Lucid Motors is not yet selling any cars. Lucid's website is taking refundable $2 500 deposits for the vehicles it plans to eventually sell.

Tesla is much more advanced as an electric auto manufacturer, though investors are questioning how long can it go before turning a profit.

"[Tesla is] really focused on making cars more affordable", Musk explained, "which is really tough". Bears including analysts at J.P. Morgan are now cautioning against the stock on doubts that funding was secured for a take-private transaction, or that there was any formal proposal for such a deal.

Cincinnati Masters: Novak Djokovic reaches final with victory over Marin Cilic
Petra Kvitova , a Cincinnati semi-finalist in 2012, reached the last eight with a 6-4, 6-2 win over France's Kristina Mladenovic. Djokovic had to work for more than two and a half hours to overcome Cilic , the 2016 champion in the combined WTA and ATP event.

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