Foundation stone laid for Lucid plant in Rabigh

Foundation stone laid for Lucid plant in Rabigh

Saudi Gazette report RIYADH — Minister of Industry and Mineral Resources Bandar Alkhorayef announced that Saudi Arabia is targeting manufacturing of more than 300,000 cars annually by the year 2030. He said this during the ceremony of laying the foundation stone for the electric car plant of Lucid Motors at King Abdullah Economic City (KAEC) in Rabigh on Wednesday. The electric vehicle giant’s first international plant at KAEC targets manufacturing of 150,000 vehicles per year. Alkhorayef, who is also chairman of the Board of Directors of the Saudi Industrial Development Fund (SIDF), said that Lucid’s choice of Saudi Arabia as the headquarters of its first plant in the Middle East confirms the Kingdom’s competitiveness and its ability to exploit a number of advantages it enjoys. These advantages are the distinguished geographical location, and the ability to connect with many regional and global markets, in addition to good infrastructure and quality of services. The KAEC plant aims to export more than 85 percent of its production. According to the minister, the dossier of the automotive industry in the Kingdom is one of the important files that the national strategy for industry has taken into account as it is one of the