Lucid to start manufacturing electric cars in Saudi Arabia in 2024

Lucid to start manufacturing electric cars in Saudi Arabia in 2024

Saudi Gazette report RIYADH — The electric-vehicle maker Lucid Group Inc. unveiled plans to start manufacturing its cars in Saudi Arabia in 2024. The EV giant has submitted a request for Saudi model Certificate of Accreditation. This was announced by Saud Al-Askar, deputy governor of the Saudi Standards, Metrology and Quality Organization (SASO). The Public Investment Fund (PIF), the Kingdom’s sovereign wealth fund, owns a majority stake in Lucid, whose shares are traded on the US NASDAQ Stock Market last month. Lucid is the American competitor to Telsa, and PIF has benefited from investing early in it, as it owns about 62 percent of its shares. The gains of PIF have exceeded $22 billion from its investment in Lucid in Nasdaq. Lucid’s listing is a huge dividend for PIF, which had invested more than $1 billion in the company in 2018 for a substantial stake. Lucid, which has yet to generate revenue, expects to deliver its first Lucid Air, whose prices start from $69,000 after tax credits, in the second half of this year. The company also expects the Lucid Air to outperform the Tesla Model S. Lucid will offer a range of more than 4.5 miles per kilowatt-hour, which