Lucid Motors to establish its first overseas factory in Saudi Arabia

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Saudi Arabia

Lucid Motors to establish its first overseas factory in Saudi Arabia

JEDDAH: US-based Lucid Motors has signed agreements on Wednesday to build a production factory in Saudi Arabia with an annual capacity of 155,000 zero-emission electric vehicles. The deals are estimated to provide financing and incentives to Lucid up to $3.4 billion in total over the next 15 years to build and operate the manufacturing facility in the Kingdom. To be located in King Abdullah Economic City, AMP-2 is the electric vehicle manufacturer’s first production facility outside the US, according to a statement. The project is expected to create over 4,500 jobs in KAEC, said Cyril Piaia, CEO of Emaar The Economic City, master developer of KAEC. “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,” Saudi Investment Minister Khalid Al-Falih said. “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,” Al-Falih added. The agreements were signed between the Saudi Investment Ministry, the Saudi Industrial Development Fund, Emaar, The Economic City, at King Abdullah

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