ALBAWABA- Saudi company "Lucid" has officially launched its electric car factory in the King Abdullah Economic City, aligning with Saudi Arabia's bid to be a top global electric car producer.
The first-of-its-kind facility is set to assemble 5,000 electric vehicles annually, with "Lucid" aiming for an impressive annual production capacity of 155,000 cars.
This move, in collaboration with the Public Investment Fund holding a 60% stake, signals a push for advanced technologies in the Kingdom's electric car manufacturing.
Faisal Sultan, "Lucid" Deputy President, anticipates achieving full-scale production in Saudi Arabia by 2025. The Public Investment Fund's investment journey in "Lucid" began in 2018, culminating in a majority stake during the company's 2021 public offering.
This investment aligns with Saudi Arabia's "Vision 2030" economic diversification goals, targeting an annual production of 300,000 cars by the decade's end.
Lucid is poised to contribute significantly, competing with other American companies to challenge the dominance of electric car pioneer "Tesla."
