Saudi Arabia promotes sustainable living by setting up first EV plant

Saudi Arabia promotes sustainable living by setting up first EV plant

This is yet another step toward promoting sustainable living in the Kingdom that has set out ambitious plans to diversify away from the oil economy under Vision 2030.

The plant that will have a capacity to produce up to 150,000 electric vehicles every year will be set up by Lucid Group. The American firm recently signed a deal with the Saudi Ministry of Investment and the Saudi Industrial Development Fund, allowing it to set up its first plant outside the US in Saudi Arabia.

“Our strong relationships with the PIF and our partners at MISA, KAEC, and SIDF give us unique insight into the demand for luxury cars and SUVs in Saudi Arabia and beyond. We are thrilled to introduce the world’s most advanced electric vehicles to more global markets,” said Peter Rawlinson, CEO of Lucid Group.

The Lucid plant is expected to unlock huge funds that the government plans to hand out as subsidies to promote sustainable projects undertaken by local and foreign firms, including PIF backed companies.

“Building a plant in Saudi Arabia can provide access to government subsidies which should be in favor of the company’s success,” said Mohammed Al-Suwayed, CEO of Razeen Capital.

The PIF, a major stakeholder in Lucid, is