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• The company said that it will initially serve the local market
US electric vehicle maker Lucid Group will set up its first overseas factory in Saudi Arabia. The new manufacturing unit is supposed to make 155,000 electric vehicles a year.
The company said that it will initially serve the local market, in a press release on Wednesday.
Lucid held a signing ceremony to mark the agreements of February 2022 that facilitated the setup of the new factory.
“This signing ceremony marks yet another step forward in the realization of Lucid’s mission to inspire the adoption of sustainable energy, and I’m delighted this brand-new manufacturing facility will come to fruition here in Saudi Arabia,” said Peter Rawlinson, Lucid’s CEO and CTO.
Minister of Investment of Saudi Arabia, Khalid Al-Falih, said, “Attracting a global leader in electric vehicles such as Lucid to open its first international manufacturing plant in Saudi Arabia reflects our commitment to creating long-term economic value in a sustainable, enduring, and globally integrated way.”
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Source: Lucid