Lucid Motors signs agreement to make a world-class EV production factory in Saudi Arabia.
The new manufacturing plant will have a capacity of 155,000 units and will be located in the King Abdullah Economic City.
US-based electric car company Lucid Motors will set up its first overseas manufacturing facility in Saudi Arabia.
Lucid Motors signed agreements with the Ministry of Investment of Saudi Arabia (MISA), the Saudi Industrial Development Fund (SIDF), Emaar, The Economic City at King Abdullah Economic City (KAEC), and Gulf International Bank (GIB).
These agreements will provide financing and incentives to Lucid of up to $3.4 B over the next 15 years.
Lucid designated the new upcoming plant as its Advanced Manufacturing Plant #2 (AMP-2). This plant will have a capacity of 155,000 electric vehicles per year. The factory will be located in KAEC Industrial Valley. This location is close to King Abdullah Port in the Red Sea trading corridor, which handles more than one-third of Saudi Arabia’s western region container volumes.
At AMP-2, Lucid plans to establish operations initially for the re-assembly of Lucid Air vehicle kits that are pre-manufactured at their U.S. AMP-1 facility in Casa Grande, Arizona, and, over time, for the production of complete vehicles. Initially, vehicles will be made for the Saudi Arabian market, but Lucid plans to export finished vehicles to other global markets. This new factory will create more than 4,500 jobs in the city.
The government of Saudi Arabia will also purchase up to 100,000 Lucid electric cars over ten years.
Official statement
Peter Rawlinson, CEO and CTO of Lucid Motors, said: This signing ceremony marks yet another step forward in the realization of Lucid’s mission to inspire the adoption of sustainable energy, and I am delighted this brand-new manufacturing facility will come to fruition here in Saudi Arabia. I am truly delighted to partner with PIF, our signing partners, and the Government of Saudi Arabia in advancing our shared vision of global sustainability.
We are thrilled to be supporting Saudi Arabia in achieving its sustainability goals and net-zero ambitions, as outlined in Saudi Vision 2030 and the Saudi Green Initiative, by taking steps to help diversify Saudi Arabia’s economy through the establishment of manufacturing capacity in KAEC for up to 155,000 of Lucid’s zero-emissions, electric vehicles per year.
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