Lucid Has signed a Deal to Establish The First-Ever EV Facility Outside of The United States in Saudi Arabia!
- An electric car manufacturer has agreed to build a facility on Saudi Arabia’s west coast, the first outside the United State.
- Saudi Arabia aspires to become a global auto manufacturing powerhouse.
Lucid Group Inc., a luxury electric car manufacturer, has agreed to construct a production factory on Saudi Arabia‘s west coast, the firm’s first outside the United States.
According to a release, Lucid inked a $30 million leasing deal with Emaar Economic City for an industrial property in King Abdullah Economic City west of Jeddah. Lucid will be able to “build and run an automobile production and assembly plant, as well as any associated services,” according to Emaar Economic.
Lucid will develop electric car manufacturing in Saudi Arabia by 2026, according to Andrew Liveris Chairman, who is also a board member of Saudi oil giant Aramco. With a 62 percent ownership in the firm, which manufactures the $169,000 Air sedan, the kingdom’s sovereign wealth fund is one of its greatest investors.
People familiar with the situation reported last year that Lucid Motors and the Public Investment Fund, as the Saudi wealth fund is called, were in negotiations about creating a vehicle facility at the King Abdullah Economic City. The plans are part of a government initiative to transform the location on the west coast into a vehicle-making center as it seeks to diversify its economy and diversify its non-oil businesses.
