‎Lucid Motors to build car factory in Saudi Arabia, targets annual output of 150,000 cars

‎Lucid Motors to build car factory in Saudi Arabia, targets annual output of 150,000 cars

The US electric car manufacturer, Lucid Group, inked agreements with the Saudi Ministry of Investment, Saudi Industrial Development Fund (SIDF) and King Abdullah Economic City (KAEC) to build a car manufacturing facility in the Kingdom, according to a company statement.

Lucid estimates that the location of its first international manufacturing plant in Saudi Arabia may result in up to $3.4 billion of value to the company over 15 years, and the facility will enable it to address growing demand for its products.

The new manufacturing hub in KAEC will be fully owned by Lucid and enable the company to meet growing international demand for luxury electric vehicles. Lucid also expects to benefit from the availability of competitively-priced commodities and energy, along with a newly emerging domestic supply chain and a factory location that facilitates global logistics.

Lucid further expects to be able to access financing to build and equip the manufacturing facility and to train automotive workers, said Peter Rawlinson, Chief Executive Officer (CEO) and Chief Technology Officer (CTO).

The car manufacturer plans to establish operations at KAEC for re-assembly of Lucid Air vehicle kits that are premanufactured at the company’s US AMP-1 manufacturing facility in Casa Grande, Arizona, and, over time, for production