Lucid will finance the construction of its factory in Saudi Arabia with “petrodollars”

Lucid Motors continues its advance in conquering new markets. We have barely been able to see units manufactured and delivered in their country of origin (United States) while they are already preparing to open borders. A few months ago we already announced the intention of the Government of Saudi Arabia to build a manufacturing plant within its borders to supply luxury electric cars to its citizens. Now, this intention has been made effective under a significant economic contribution by various sectors of the country.

This investment corresponds to an economic amount of 3,400 million dollars with which the Government of Saudi Arabia expects Lucid to build its new manufacturing plant and start its assembly work. This economic contribution has come from the Saudi Arabian Ministry of Investment, the Saudi Arabian Industrial Development Fund, the Government of the King Abdullah Economic City, and Gulf International Bank. These estates have signed an agreement by which will provide financing and incentives to the American electric car firm for the next 15 years.

The new Lucid Motors manufacturing plant it is estimated that it will be completed and ready to start operations throughout the year 2025 and will employ a total of 4,500 people. According to company estimates, this factory will have an annual operating capacity of up to 155,000 electric carswhich, together with the one they already have in the United States, would make Lucid’s global production reach 500,000 vehicles a year by the middle of this decade.

Its star model, the Lucid Air, is one of the most coveted models for the Arab rulers
Its star model, the Lucid Air, is one of the most coveted models for the Arab rulers

Its exact location will be in the King Abdullah Economic City where a new direct commercial port to the Red Sea has recently been inaugurated, which will provide coverage for a possible export of products in the future. The construction of the factory is expected to begin during the second half of this same 2022.

During the signing ceremony in the King Abdullah Economic City, the Government of Saudi Arabia itself reaffirmed its commitment to the North American manufacturer to acquire up to 100,000 electric vehicles in the next 10 years, which must be manufactured on the AMP-2 plant, the one located within the borders of the Arab country. During the aforementioned celebration, Peter Rawlinson, executive and technology director of Lucid, was delighted with the advances presented by the brand, as well as the trust placed by the Saudi executive.

As the director of the company has confessed, they had more settlement options in addition to the location in the King Abdullah Economic City, but finally they decided to settle on Saudi land due to the different facilities provided, as well as the future possibilities that this city grants.

This second AMP-2 plant will not produce complete vehicles for several years. His work will consist of assembling car parts previously manufactured at AMP-1, which is located in Casa Grande, Arizona. During its first moments of production, All vehicles leaving the plant in Saudi Arabia will be entirely destined for the local market. Once this market has been supplied, the export of electric vehicles will begin to other nearby countries, and even to Europe.

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