Lucid’s CEO and Chief Technology Officer, Peter Rawlinson, said the company secured $3.4 billion to set up the first electric vehicle (EV) factory in Saudi.
He added that the funding and incentives granted came from the Saudi Ministry of Finance and the Saudi Industrial Development Fund and other ministries in Saudi.
Rawlinson stated that the company aims to produce 150,000 cars per year in Saudi by 2027.
The company will benefit from Saudi’s domestic production of aluminum and plastic in the manufacture of its cars, according to Rawlinson.
He noted that this factory would be dedicated to the automotive industry only, adding, “We will manufacture components for batteries, motors, inverters, etc. We will produce everything needed for electric cars, and this is the added value that we bring to the Kingdom.”
The Saudi Public Investment Fund (PIF) owns a majority stake in “Lucid”, whose shares are traded on the US market.
Lucid is Tesla’s American rival, and Saudi’s PIF benefited from its early investment, owning around 62 percent of the company’s stock.
