Tesla dips after Saudi wealth fund invests $1 billion in competitor Lucid Motors

Tesla stock dipped more than 2 percent in premarket trading Monday on news the Saudi Arabia's sovereign wealth fund has invested $1 billion in rival Lucid Motors.

The investment will fund Lucid Motor's 2020 commercial launch of its first electric vehicle the Lucid Air, Reuters reported.

The threat comes a day after Tesla CEO Elon Musk blamed outside shops for repair and delivery delays.

Tesla stock had been on a recovery rally, gaining 12 percent last week.

—Reuters contributed to this report.

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