Minister of Industry and Mineral Resources Bandar Alkhorayef
Minister of Industry and Mineral Resources, Bandar Alkhorayef, revealed that the Kingdom aims to manufacture more than 300,000 vehicles annually by 2030, the state-owned Saudi Press Agency (SPA) reported.
The Kingdom seeks to expand in the vehicles manufacturing industry to cover domestic demand and export globally, the minister said, during the groundbreaking ceremony for Lucid Group's new manufacturing facility in King Abdullah Economic City.
The volume of spending on vehicles in the Kingdom in 2020 reached nearly SAR 40 billion, while the size of the Saudi market exceeds more than half a million vehicles annually, which represents 50% of the GCC market, according to Alkhorayef.
The minister also highlighted that the establishment of a new manufacturing hub for Lucid in Saudi Arabia comes in line with the Kingdom's directions aimed at diversifying the economic base, especially the development of the industrial sector as part of the Kingdom's Vision 2030.
Lucid's choice of the Kingdom as the headquarters for its first facility in the Middle East, which aims to export more than 85% of its production, affirms the Kingdom's competitiveness and ability to exploit a number of enablers it enjoys.
Such enablers include the distinguished geographical location and the ability to link with and have access to several regional and global markets, in addition to solid infrastructure and quality of services, the minister said.
Alkhorayef added, "We look forward to working with Lucid and other leading companies, as we continue to build our global expertise." The Kingdom relies on its qualitative advantages, starting from the qualitative capabilities in the industrial sector, the ideal infrastructure for many industries, and the availability of mineral wealth, in addition to qualified human cadres, the minister concluded.
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