Lucid’s facility in KSA will have a capacity of 155,000 EVs per year

Lucid’s facility in KSA will have a capacity of 155,000 EVs per year

Lucid set to start work on Saudi EV factory

01 June 2022

Lucid Group, setting new standards with the longest-range, fastest-charging electric car on the market, has set the stage for the construction of its AMP-2, a world-class production factory in Saudi Arabia with the hosting of a ceremonial signing event.

The event marks the February 2022 agreements with the Ministry of Investment of Saudi Arabia (MISA), the Saudi Industrial Development Fund (SIDF), Emaar, The Economic City, at King Abdullah Economic City (KAEC) and Gulf International Bank (GIB).

The agreements celebrated are estimated to provide financing and incentives to Lucid up to $3.4 billion in aggregate over the next 15 years to build and operate a manufacturing facility in Saudi Arabia. The factory will have a capacity to produce 155,000 electric vehicles.

“This signing ceremony marks yet another step forward in the realisation of Lucid’s mission to inspire the adoption of sustainable energy, and I’m delighted this brand-new manufacturing facility will come to fruition here in Saudi Arabia,” said Peter Rawlinson, Lucid’s CEO and CTO.

“I am truly delighted to partner with PIF, our signing partners, and the Government of Saudi Arabia in advancing our shared vision of global sustainability.”

Rawlinson added: “We are thrilled to be supporting Saudi Arabia in achieving its sustainability goals and net-zero ambitions, as outlined in Saudi Vision 2030 and the Saudi Green Initiative, by taking steps to help diversify Saudi Arabia’s economy through the establishment of manufacturing capacity in KAEC for up to 155,000 of Lucid’s zero-emissions, electric vehicles per year.”

Rawlinson was joined at the signing event by Sherry House, Lucid’s CFO; Jonathan Butler, Lucid’s General Counsel; Faisal Sultan, Lucid’s Managing Director, Middle East; and senior representatives from the Ministry of Investments, Ministry of Industry and Mineral Resources, and PIF.  

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