PIF-backed EV maker Lucid to produce 150,000 cars a year at its Saudi factory – The National

PIF-backed EV maker Lucid to produce 150,000 cars a year at its Saudi factory – The National

Lucid Group, which is backed by Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), said its new factory in the kingdom will have a production capacity of 155,000 units per year.

The new facility is expected to address growing demand for electric vehicles by increasing Lucid’s global production capacity to 500,000 EVs per year in the coming years, the company said.

The US-listed EV maker on Wednesday hosted a ceremonial signing event to mark the February agreements with various entities including the Ministry of Investment of Saudi Arabia, the Saudi Industrial Development Fund (SIDF), the Economic City at King Abdullah Economic City and Gulf International Bank.