Anand Mahindra's message to Elon Musk: Hang in there

Anand Mahindra's message to Elon Musk: Hang in there

Anand Mahindra's message to Elon Musk: Hang in there

When Lucid showed the Air as a concept vehicle at the NY auto show in 2017, Rawlinson said that the vehicle would start at a base price of U.S. $60,000, or USA $52,500 after federal tax credits.

Musk had tweeted early last week that he was working with buyout firm Silver Lake and investment bank Goldman Sachs as advisers in his efforts to secure tens of billions of dollars in funding and take the vehicle maker private.

Shares of Tesla were up marginally at $309.50 in trading before the bell on Tuesday.

The bank had raised its forecast following Mr Musk's tweet, which he later said was based on discussions with Saudi Arabia's sovereign wealth fund.

Much has been made about how running Tesla has affected Elon Musk's personal life, with the billionaire recently telling the New York Times that "from a personal pain standpoint, the worst is yet to come".

The bearish analysis followed a report 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 USA electric-car company. After telling the New York Times that his job was taking a serious emotional toll on him, he spoke to YouTube personality Marques Brownlee, suggesting that it would take "maybe" three years to produce a $25,000 vehicle.

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". It's all very hush hush at this moment, as the people talking to Reuters are not supposed to be talking to anyone about the proposed deal.

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

As a couple of years ago, the CEO of Tesla, of course, Elon Musk said, the company approached Sheryl Sandberg, who is the social network giant Facebook's second-highest executive, about the job. And if we work really hard we could do that in three years. Since then? Silence. There had been talk back in 2016 of a factory in Arizona and of a new headquarters facility in Silicon Valley last fall, but while Tesla has been going through production hell, Lucid seems to have been in suspended animation mode.

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