Saudia Arabia welcomes EV maker Lucid's first international factory

Robert Besser
30 Sep 2023, 14:01 GMT+10

As part of Riyadh's efforts to further Saudi Arabia's electrification drive, EV maker Lucid announced the opening of its first international manufacturing plant in Jeddah, this week
Lucid said the kingdom has signed an agreement to purchase some 100,000 vehicles over 10 years
Lucid's AMP-2 facility, located in King Abdullah Economic City, will assemble the luxury electric sedan Lucid Air, with an initial production capacity of 5,000 units per year

JEDDAH, Saudi Arabia: As part of Riyadh's efforts to further Saudi Arabia's electrification drive, electric vehicle (EV) maker Lucid announced the opening of its first international manufacturing plant in Jeddah, this week.

After revealing plans for the Jeddah factory in 2022, Lucid, whose largest shareholder is Saudi's sovereign wealth fund, said the kingdom has signed an agreement to purchase some 100,000 vehicles over 10 years.

Lucid's AMP-2 facility, located in King Abdullah Economic City (KAEC), will assemble the luxury electric sedan Lucid Air, with an initial production capacity of 5,000 units per year.

The site will be scaled up to produce a future output of 155,000 units per year.

The fund, responsible for managing Riyadh's plan to reduce reliance on oil, aims to make the kingdom a major player in the EV industry, dominated by countries such as China and the U.S.

In 2022, Saudi Arabia launched its first EV brand, Ceer, and announced $6 billion in investments for a steel plate mill complex and an EV battery metals plant.

Reports also show that EV sector leader Tesla is in early discussions to establish a production plant in the country.

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Baton Rouge Post.

More Information

78 ℉

Mostly Cloudy in Baton Rouge

Business

Section

Across-the-board rally on U.S. stock markets Friday

NEW YORK, New York - U.S. stocks extended their rally on Friday despite remarks by Federal Reserve Chair Jerome Powell ...

Currency issues affect Russia's oil trade with Asia

MOSCOW, Russia: Russia's trade in oil with India, one of the most lucrative oil trade routes since the imposition of ...

Experts decry New Zealand government move to lift tobacco ban

LONDON - Health experts and tobacco campaigners have strongly criticized New Zealand's decision to repeal laws that aimed to ban ...

Tech stocks slide while Dow Jones hits high for 2023

NEW YORK, New York - The Dow Jones index was the standout on U.S. financial markets on Thursday with a ...

US shoppers spend $38 billion online during Thanksgiving weekend

WASHINGTON D.C.: Despite the ongoing economic uncertainty, major discounts during the Thanksgiving weekend enticed U.S. shoppers, who spent some US$38 ...

Thailand will downgrade growth forecast for 2023 to 2.7 percent

BANGKOK, Thailand: This week, Thailand's Deputy Finance Minister Krisada Chinavicharana said after a weaker-than-expected third quarter, the country will downgrade ...

World

Section