Lucid Group, Inc. has announced plans to lay the groundwork for a full production factory in Saudi Arabia after the signing of agreements with the Ministry of Investment of Saudi Arabia, the Saudi Industrial Development Fund, and the Economic City at King Abdullah Economic City. The new manufacturing hub will be fully owned by Lucid, and enable the company to meet growing international demand for luxury electric vehicles.
The US-based EV manufacturer also estimates that the location of Lucid’s first international manufacturing plant in the Kingdom of Saudi Arabia may result in up to $3.4 billion of value to Lucid over 15 years.
At its peak, the company expects to manufacture up to 150,000 vehicles per year at the KAEC facility.
Construction of the plant is expected to start in the first half of 2022.
Peter Rawlinson, CEO and CTO, Lucid Group, says: “Lucid aspires to be a catalyst for change wherever we go, so it makes perfect sense that we are bringing electric vehicles to one of the world’s biggest oil producing nations. Establishing a global manufacturing footprint is a practical, natural step and enables us to grow our brand, scale our business, and address worldwide and untapped market demand on an entirely new level, while also taking action to address climate change through inspiring sustainable transportation.”
He adds: “Our strong relationships with the Public Investment Fund and our partners at MISA, KAEC, and SIDF also give us unique insight into the demand for luxury cars and SUVs in Saudi Arabia and beyond, and we are thrilled to introduce the world’s most advanced electric vehicles to more global markets.”
His Excellency Khalid Al-Falih, Minister of Investment of Saudi Arabia, comments: “Today, we take a major step towards Saudi Arabia’s goal of diversifying its economy by creating a new manufacturing hub to spearhead the future of mobility for the Middle East region. Attracting a global leader in electric vehicles such as Lucid to open its first international manufacturing plant in Saudi Arabia reflects our commitment to creating long-term economic value in a sustainable, enduring, and globally integrated way. This project demonstrates the confidence investors have in Saudi Arabia’s competitiveness, its ability to create opportunity and serve global demand for a highly complex product such as electric vehicles.”
Lucid‘s first car, Lucid Air, is a state-of-the-art luxury sedan with a California-inspired design that features luxurious full-size interior space in a mid-size exterior footprint.
The Lucid Air Dream Edition features an official EPA estimated 520 miles of range or 1,111 horsepower.
Keyword: Lucid Announces Long-Term Plan to Bring Advanced Automotive Manufacturing to Saudi Arabia