Lucid Motors, the electric car startup, has secured a $1 billion investment from the Saudi Public Investment Fund, valuating the company at $11 billion.

The deal will help finance the production of Lucid's first car, the Air, which is due to start shipping in 2020. Lucid says the Air will have a range of over 400 miles (640km) and will be able to charge quickly using its "Advanced Charging" system.

The Saudi investment is the latest in a string of high-profile backers for Lucid, which was founded in 2007. In 2018, the company raised $1 billion from investors including the Public Investment Fund, T. Rowe Price and BlackRock.

This latest investment will give Lucid a war chest of over $2 billion to take on the likes of Tesla, BMW and Mercedes in the luxury electric car market.

The Saudi Public Investment Fund has been a major investor in a number of high-profile tech companies in recent years, including Uber, Magic Leap and SoFi.