Lucid Group Opens Saudi Arabia’s First-ever Car Manufacturing Facility

Lucid Group Opens Saudi Arabia’s First-ever Car Manufacturing Facility

By Saudi Press Agency, 29 September 2023

Jeddah, KSA -- Lucid Group, which is partially owned by the Public Investment Fund, launched Wednesday its first international factory in Jeddah-based King Abdullah Economic City (KAEC).

The manufacturing unit extends over an area of more than 1.35 million square meters, occupying about 31% of the total area allocated to the automotive industry in the KAEC Special Economic Zone.

In May 2022, Lucid Motors signed a contract to begin construction of its factory in KAEC with a production capacity of 155,000 vehicles. The Economic Cities and Special Zones Authority recently granted the automaker the operating license for its manufacturing unit.

During the inauguration ceremony, the company explained that about 95 percent of its production will be exported, which will open new investment opportunities and support supply chains and the balance of payments in the Kingdom.

Related: BYD Speeds Ahead in the EV Race, Surpassing Tesla and Into the Metaverse

Related Report

The State of the Electric Vehicle Revolution 2023

Global electric vehicle (EV) stock has surpassed 30 million, and China is home to over half of all the EVs on the world’s roads. 1 in 7 new cars sold last year was electric, and by 2030, we will have 138 Million EVs.

Subscribe To Our Newsletter

Stay up to date with the latest news, special reports, videos, infobytes, and features on the region's most notable entrepreneurial ecosystems