Lucid to open electric cars factory in Saudi Arabia by 2026

12/01/2022 Argaam

Lucid's Chairman Andrew Liveris

Lucid Group Inc. is working on opening an electric cars factory in Saudi Arabia by 2025-26, said Chairman Andrew Liveris, on the sidelines of the Future Minerals Forum.

 

“We’re working very closely with the Ministry of Investment,” said Liveris, adding that his company has strong ambitions with regard to retail sales in Europe, Bloomberg reported.

 

The Public Investment Fund (PIF) owns a 67% stake in Lucid Motors, which debuted on Nasdaq in July 2021, with an investment worth $1.3 billion (about SAR 4.9 billion), according to Argaam's data.

 

PIF Governor Yasir Al-Rumayyan said in January 2021 that the fund is in talks with the company to build EV factory in the Kingdom.

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