The Lucid Group has announced the signing of agreements with the Ministry of Investment of Saudi Arabia (MISA), the Saudi Industrial Development Fund (SIDF), and the Economic City at King Abdullah Economic City (KAEC), as it lays the groundwork for a full-scale manufacturing facility in Saudi Arabia.
The site of Lucid’s first overseas production factory is expected to generate up to $3.4 billion in value for the company over the next 15 years, and the plant will allow Lucid to meet the expanding demand for its products.
Peter Rawlinson, CEO and CTO, Lucid Group, explained: “Lucid aspires to be a catalyst for change wherever we go, so it makes perfect sense that we are bringing electric vehicles to one of the world’s biggest oil-producing nations. Establishing a global manufacturing footprint is a practical, natural step and enables us to grow our brand, scale our business, and address worldwide and untapped market demand on an entirely new level, while also taking action to address climate change through inspiring sustainable transportation.
At its peak, the company expects to manufacture up to 150,000 vehicles per year at the KAEC facility
“Our strong relationships with the Public Investment Fund and our partners at MISA, KAEC, and SIDF also give us unique insight into the demand for luxury cars and SUVs in Saudi Arabia and beyond, and we are thrilled to introduce the world’s most advanced electric vehicles to more global markets.”
Lucid will own the new manufacturing facility outright, allowing the business to meet expanding global demand for luxury electric vehicles. The company also hopes to profit from low-cost materials and energy, as well as a freshly developed domestic supply network and a production site that enables global shipping.
Lucid intends to establish operations at KAEC for the re-assembly of Lucid Air vehicle ‘kits’ that are pre-manufactured at the company’s AMP-1 manufacturing facility in Casa Grande, Arizona, as well as the production of entire vehicles in the future. At its peak, the company expects to manufacture up to 150,000 vehicles per year at the KAEC facility.
Lucid aims to employ several thousand workers at its KAEC factory, the bulk of whom will be Saudi citizens
The plant’s construction is anticipated to begin in the first half of 2022. Initial vehicles will be aimed at the Saudi market, but Lucid intends to export finished vehicles to other worldwide markets, including customised models tailored to Lucid’s discerning consumers in the region and beyond.
Once full manufacturing capacity is established, Lucid aims to employ several thousand workers at its KAEC factory, the bulk of whom will be Saudi citizens. Lucid has partnered with the PIF to create an internship program that will give educational opportunities and training for Saudi Arabian citizens at Lucid’s facilities in California and Arizona, to develop talent for Saudi Arabian operations. In addition, the company will construct and operate specific training centers in KAEC to promote labor skill development.
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