Lucid’s new factory in Saudi Arabia will have a capacity to produce 155,000 EVs annually and will receive financing and incentives of up to $3.4 billion in the next 15 years.
American luxury automaker Lucid hosted a ceremonial signing event on May 18 with the Ministry of Investment of Saudi Arabia, the Saudi Industrial Development Fund, Emaar, The Economic City, at King Abdullah Economic City, and Gulf International Bank to mark the February 2022 agreements for the construction of Lucid’s EV factory in Saudi Arabia.
The signing event includes an agreement to provide financing and incentives to Lucid of up to $3.4 billion over the next 15 years to build and operate its facility in Saudi Arabia.
The factory will have the capacity to produce 155,000 electric vehicles per year and support approximately 4,500 jobs. This will be Lucid’s first overseas manufacturing facility.
“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. “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.”
Public Investment Fund backed the project. The facility in Saudi Arabia will be called the “AMP-2” (Advanced Manufacturing Plant #2) and will serve as the cornerstone of Lucid’s vertically integrated global production network.
He added: “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.”
His Excellency Eng. Khalid Al-Falih, Minister of Investment of Saudi Arabia, 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. This project demonstrates the confidence investors have in Saudi Arabia’s competitiveness, its ability to create opportunity, and serve global demand for a highly complex product.”