The move supports the Kingdom’s plans to produce 300,000 vehicles by 2030
In a step that is its first outside the borders of the United States, the electric car maker Lucid launched its first global factory yesterday, as it chose King Abdullah Economic City in Rabigh, western Saudi Arabia, as the headquarters of its business in the region.
The inauguration came amid high Saudi celebration. Bandar Al-Khorayef, Minister of Industry and Mineral Resources and Chairman of the Board of Directors of the Saudi Industrial Development Fund, said that the Lucid project and another project aim to pump 300,000 electric cars before 2030.
The fall talk came during the official signing ceremony for the construction of the “Lucid” factory, which will operate according to a production capacity of 155,000 vehicles per year, pointing out that the American company’s choice of Saudi Arabia as its first headquarters outside America confirms that Saudi Arabia is able to attract quality investments.
The Saudi Minister of Investment, Eng. Khalid Al-Falih, said that the Lucid project will pay for the added investment value that will affect the balance of payments by increasing exports, contributing to the environmental transformation and reducing carbon emissions in the Kingdom.
In turn, Peter Rawlinson, CEO and CTO of Lucid Corporation, said: “We are launching a new and important phase in Lucid’s journey to stimulate the adoption of sustainable energy technologies and solutions.”