Lucid to Produce 150,000 EVs Per Year in Saudi Arabia

Lucid to Produce 150,000 EVs Per Year in Saudi Arabia

Lucid Group signed an agreement with the Saudi Ministry of Investment, the Industrial Development Fund, and the Economic City at King Abdullah Economic City to construct a plant in the Kingdom that will produce 150,000 electric vehicles (EVs) per year.

The Public Investment Fund holds a significant stake of 62 percent of Lucid, in a step that reflects a strategy to select future investment opportunities that provide growth in returns.

The agreement lays the groundwork for a complete production factory in Saudi Arabia and is expected to accelerate the Kingdom's strategic goal to transform and diversify its economy through sustainable energy and transportation.

Lucid estimates that the location of its first international manufacturing plant in the Kingdom may result in up to $3.4 billion of value to Lucid over 15 years.

The 25-year-contract will enable Lucid to address the growing demand for its products.

CEO Peter Rawlinson announced that Lucid aspires to be a catalyst for change, so it makes perfect sense to bring electric vehicles to one of the world's biggest oil-producing nations.

"Establishing a global manufacturing footprint is a practical, natural step and enables us to grow our brand, scale our business, and address worldwide and untapped market demand on an entirely new level,