Minister of Communications and Information Technology Abdullah Al Swaha recently announced that Lucid Motors Company plans to produce 150,000 electric cars yearly in Saudi Arabia by 2026, as per Alarabiya News.
“This was a dream, and it has become a reality under the leadership of the Crown Prince,” al-Swaha said.
During a discussion of the National Industrial Strategy, which Crown Prince Mohammed bin Salman unveiled earlier this week, al-Swaha made the statement:
“In 2026, the Kingdom will manufacture and export more than 150,000 electric car.”
It is worth noting that 61% of the California-based automaker is controlled by Saudi Arabia’s Public Investment Fund (PIF). Minister al-Swaha asserted that the country’s investment in Lucid Motors “has placed the Kingdom among developed countries.”
Furthermore, the country is attempting to diversify its economy away from the oil industry by investing in the US electric vehicle giant as part of its Vision 2030 objectives.
Peter Rawlinson, the CEO and Chief Technology Officer of Lucid, declared that in 2025, “we intend to begin producing automobiles, and in 2026 and 2027, we will boost production to reach 150,000 automobiles yearly.”
Lucid announced in March that they had negotiated a $30 million lease agreement for a plot of industrial land with Emaar Economic City, the developer of King Abdullah Economic City.
In April, the Saudi government revealed that it ordered between 50,000 and 100,000 electric vehicles from Lucid over the following ten years.
On the other hand, Khalid Al-Falih, Saudi Arabia’s minister of investment, announced that the Lucid Motors plant for electric vehicles had broken ground in May. According to WORLD GULF, the plant will be one of three production sites for the California-based automaker.
The plan’s bold objective is to have at least 30% of the vehicles in the Saudi capital Riyadh be electric by the end of the decade.
Such government initiatives and support are crucial for advancing the adoption of electric vehicles and achieving environmental goals.