ALBAWABA – Saudi Project announced on X that Lucid Motors, the American electric automobile manufacturer specializing in premium sports cars, is set to showcase a new fleet of public safety vehicles in the upcoming World Defense Show in Riyadh next week, with futuristic models.
Lucid Motors, which is traded publicly (LCID) at $3.34, has 60 percent of its shares held by Saudi Arabia’s sovereign fund, which was evaluated at $55 billion later losing 90 percent of its value dropping the stake down to $5.4 billion months after it dropped on NASDAQ in 2021.
In its effort to push the Electric Vehicle (EV) industry in the Kingdom towards its 2030 plan of diversifying the economy and job market, Saudi Arabia led by Crown Prince Mohammad Bin Salman, has invested $10 Billion in Lucid Motors as well as establishing its local EV company Ceer, after failing to attract foreign EV manufacturers, as reported by Reuters.
Though Ceer, which began in September 2023, had assembled only around 800 vehicles by December according to Reuters, while the Public Investment Fund (PIF), Saudi Arabia's $700 billion sovereign wealth fund aims to make half a million EVs annually by 2030, compared to an initial goal of 150,000 in 2026, with kits supplied from the US state of Arizona to build the cars.
World Defense Show is set to kick off from the 4th to the 8th of the current month in the city of Riyadh, with global companies and governments expected to unveil technological advancements in the military and public securities sectors through informative presentations.
