Lucid Motors takes an important step forward in its growth strategy by inaugurating its new factory in Arabia Saudi. This is its first international manufacturing facility, located in the King Abdullah Economic City (KAEC) in Jeddah. The Lucid Air electric sedans intended for both the local market and export will be produced within this plant.
In a first phase, 5,000 Lucid Airs per year will come out of this plant. Over time and with the arrival of the car manufacturer's new battery-powered models, it is expected to reach an annual production of 155 thousand cars. The factory already has started its activities using, for the moment, assembly kits made in the American factory. The complete production of the models will start after half of the decade.
We have talked about this very important project for Lucid Motors several times in the past. The company has a very close relationship with Saudi Arabia. In fact, the Public Investment Fund of Saudi Arabia is one of the main investors of the American electric car manufacturer.
The new plant has received significant support from the Ministry of Investment of Saudi Arabia (MISA), the Saudi Industrial Development Fund (SIDF) and the Economic City at King Abdullah Economic City (KAEC). Through the development of mobility electric, Lucid Motors will support the objectives of the Saudi Green Initiative to ensure that 30% of new car sales in the country are electric by 2030.
We also remind you that the Government will purchase up to 100 thousand vehiclesof the American manufacturer. More Specifically, the initial commitment involves the purchase of 50 thousand cars with an option for a further 50 thousand vehicles. Peter Rawlinson, CEO and CTO of Lucid Motors, commented:
We are pleased to make history today in Saudi Arabia by opening the country's first automotive manufacturing plant , which will create our electric vehicles and will support the country's vision for a more sustainable economy sustainable and diversified. As Saudi Arabia advances its Vision 2030 project, our facility will open We are paving the way for the country's electric automotive industry and supply chain expansion, and with the support of the Saudi government, we are proud to support local talent in the technology sector. We look forward to delivering the cars assembled in Saudi Arabia to customers in Saudi Arabia and beyond.
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