According to Bloomberg, Saudi Arabia is in talks with automakers to create a presence on the country’s west coast, citing Minister of Industry and Mineral Resources Bandar Alkhorayef.
According to the minister, there are a “couple of projects” underway for automakers to establish a manufacturing presence in Saudi Arabia, with King Abdullah Economic City (KAEC) being picked as the location for these ventures.
In September 2021, US-based Lucid Motors applied to the Saudi Standards, Metrology and Quality Organization (SASO) to get a model approval certificate, stated Saud Al-Askar, Deputy Governor at SASO.
According to the minister, there are a “couple of projects” underway for automakers to establish a manufacturing presence in Saudi Arabia
By 2024, Lucid Motors plans to launch its electric vehicles (EV) in the Kingdom. When all technical requirements are met, the production line will receive a model approval certificate.
The Public Investment Fund (PIF) owns 67% of Lucid Motors, which was listed on NASDAQ last July at a total investment value of $1.3 billion (SAR 4.9 billion).
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