Lucid set to start work on Saudi EV factory

Lucid set to start work on Saudi EV factory

The agreements celebrated today are estimated to provide financing and incentives to Lucid up to $3.4 billion in aggregate over the next 15 years to build and operate a manufacturing facility in Saudi Arabia. The factory will have a capacity to produce 155,000 electric vehicles.

“This signing ceremony marks yet another step forward in the realisation of Lucid’s mission to inspire the adoption of sustainable energy, and I’m delighted this brand-new manufacturing facility will come to fruition here in Saudi Arabia,” said Peter Rawlinson, Lucid’s CEO and CTO.

“I am truly delighted to partner with PIF, our signing partners, and the Government of Saudi Arabia in advancing our shared vision of global sustainability.”

Rawlinson added: “We are thrilled to be supporting Saudi Arabia in achieving its sustainability goals and net-zero ambitions, as outlined in Saudi Vision 2030 and the Saudi Green Initiative, by taking steps to help diversify Saudi Arabia’s economy through the establishment of manufacturing capacity in KAEC for up to 155,000 of Lucid’s zero-emissions, electric vehicles per year.”

Rawlinson was joined at the signing event by Sherry House, Lucid’s CFO; Jonathan Butler, Lucid’s General Counsel; Faisal Sultan, Lucid’s Managing Director, Middle East; and senior representatives from the Ministry of Investments, Ministry of