Lucid Group, which is backed by Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), said its new factory in the kingdom will have a production capacity of 155,000 units a year.
Its new facility is expected to address growing demand for electric vehicles by increasing Lucid’s global production capacity to 500,000 EVs per year in the coming years, the company said.
The US-listed EV maker on Wednesday hosted a ceremonial signing event to mark the February agreements with various entities including the Ministry of Investment of Saudi Arabia, the Saudi Industrial Development Fund (SIDF), the Economic City at King Abdullah Economic City and Gulf International Bank.
The agreements are estimated to provide financing and incentives worth $3.4 billion to Lucid over the next 15 years to build and operate a manufacturing facility in the kingdom, the EV maker said.
“This signing ceremony marks yet another step forward in the realisation of Lucid’s mission to inspire the adoption of sustainable energy, and I am delighted this brand-new manufacturing facility will come to fruition here in Saudi Arabia,” said Peter Rawlinson, Lucid’s chief executive and chief technology officer.
Read More : https://www.thenationalnews.com/business/economy/2022/05/18/pif-backed-ev-maker-lucid-to-produce-150000-cars-a-year-at-its-saudi-factory/
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