Saudi Press

Saudi Arabia and the world
Wednesday, May 14, 2025

PIF-backed Lucid Motors to roll out first Saudi-assembled EV in September

PIF-backed Lucid Motors to roll out first Saudi-assembled EV in September

US-based Lucid Motors is set to roll out its first fully Saudi-assembled electric car in September in the coastal city of Jeddah, said Faisal Sultan, vice president, and managing director in the Middle East.
Talking to Arab News on the sidelines of the PIF’s Private Sector Forum in Riyadh on Wednesday, the top official of the Public Investment Fund-backed electric vehicle manufacturer said: “Very exciting things are happening at Lucid, and if you take a flight to Jeddah and drive to King Abdullah Economic City, where our plant is going to be located… Pretty soon we are going to start putting equipment in that.”

In May 2022, the automaker signed deals to build a production factory in Saudi Arabia with an annual capacity of 155,000 zero-emission electric vehicles.

The deals were estimated to provide financing and incentives to Lucid up to $3.4 billion in total over the next 15 years to build and operate the manufacturing facility in the Kingdom.

To be located in King Abdullah Economic City, AMP-2 is the PIF-backed electric vehicle manufacturer’s first production facility outside the US. The Saudi Industrial Development Fund financed the project with SR5 billion ($1.3 billion). It is expected to create over 4,500 jobs in KAEC.

According to Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef, about 85 percent of the factory’s production will be exported, reflecting Saudi Arabia’s competitive location and abilities.

According to market research firm Mordor Intelligence, the Middle East and African EV market was valued at $40.25 million in 2021, and is expected to reach $93.10 million by 2027, registering a compound annual growth rate of more than 15 percent during the forecast period.

During a panel session on Wednesday, the Lucid official discussed the localization of jobs and what role the private sector can play in the company’s growth.

“We need partners who are going to be producing the parts for the cars. So that value chain is huge,” he said.

Sultan said there are lots of opportunities up for grabs in the Lucid project. He said the car manufacturer is keen on building partnerships with other entities in the private sector and described the potential collaboration, as not just a “business partnership” but “strategic” ties that are likely to expand.

He said that the Kingdom is undergoing a transformation, which seeks to expand its manufacturing sector using the latest technologies. “And Lucid is a prime example of that.”

“We have a large batch of vehicles coming (from Arizona) in May, June, and July of this year, and you will see a lot more Lucid vehicles in people’s hands at that time,” he told Arab News.

With total Saudi investments in EV production expected to reach $50 billion over the next decade, the hope is that least 30 percent of the vehicles on the road in Riyadh will be electric in the next seven years.
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Trump Meets Syrian President Ahmad al-Shara in Historic Encounter
Trump takes a blow torch to the neocons and interventionists while speaking to the Saudis
US and Saudi Arabia Sign Landmark Agreements Across Multiple Sectors
Why Saudi Arabia Rolled Out a Purple Carpet for Donald Trump Instead of Red
Elon Musk Joins Trump Meeting in Saudi Arabia
Trump says it would be 'stupid' not to accept gift of Qatari plane
Quantum Computing Threatens Bitcoin Security
Michael Jordan to Serve as Analyst for NBA Games
Senate Democrats Move to Censure Trump Over Qatar Jet Gift
Hamas Releases Last Living US Hostage from Gaza Amid Ongoing Conflict
India and Pakistan Agreement on Ceasefire Amid Ongoing Tensions
Trump's Upcoming Middle East Trip Excludes Israel, Raising Concerns Among Israeli Officials
Kurdistan Workers Party Announces Dissolution Amid Ongoing Conflict Resolution Efforts
Trump's Upcoming Visit to Gulf Nations: Investment and Security at the Forefront
Cardinal Robert Prevost Elected as Pope Leo XIV, Marking a Historic Papacy
India-Pakistan conflict may be first test for Chinese military tech
Bill Gates Announces Plan to Wind Down Philanthropic Foundation and Disperse Wealth
Common Sense Returns to Britain's Legal System: UK Supreme Court Declares a Woman Is… a Woman
Warren Buffett to Step Down as Berkshire CEO After Nearly 60 Years
Trump Shares AI-Generated Image of Himself as… Pope, Prompting Outrage Reaction
Amazon Launches Satellite Internet Service Amidst Competition with SpaceX
The Rush to the White Gold: Global Investment Surge in Natural Hydrogen Exploration
Trump Administration Removes National Security Adviser Mike Waltz Amid Signal Chat Controversy
Liverpool Clinches Record-Equalling 20th English League Title Under Arne Slot
Massive Explosion at Iran's Bandar Abbas Port Linked to Suspicious Chemical Shipments
Pope Francis Laid to Rest in Rome as World Leaders Attend Funeral
Not Child’s Play: How Competitive Gaming Became a Global Economic Empire
California Surpasses Japan to Become the World’s Fourth-Largest Economy
Former U.S. Congressman George Santos sentenced to eighty-seven months for wide-ranging fraud
Israel Considers Limited Strikes on Iran's Nuclear Facilities Amid Diplomatic Efforts
Saudi Arabia Offers Max Verstappen Unprecedented Deal to Join Aston Martin
Global Pistachio Shortage Amid Rising Demand for 'Dubai Chocolate'
IMF Predicts No Global Recession Amid Trade Tensions
Worldwide Markets Decline as U.S.-China Trade Frictions Intensify
OpenAI Lands Unprecedented $40 Billion Investment
Removing the Political Adversary is Dismantling What's Remaining of Turkey's Economy.
Ex-FIFA President and French Football Icon Acquitted of Corruption Allegations
White House Investigates Security Breach After Journalist Accidentally Added to Secret Yemen Strike Chat
Volunteers in Jeddah Ensure No One Goes Hungry During Ramadan Iftar
New Restaurant Opens in Makkah's Iconic Clock Tower for Ramadan Iftar
Saudi Arabia's Project Masam Removes 552 Houthi Mines in Yemen
Saudi Arabia Fines Over 400 Foreign Trucks for Regulatory Violations
Saudi National Campaign for Charitable Work Reports Significant Donations in Ramadan
Historic Al-Hosn Al-Asfal Mosque Restored in Asir as Part of National Heritage Initiative
KSrelief Expands Humanitarian Efforts in Syria, Sudan, and Lebanon
Saudi Arabia Advocates for Global Water Cooperation at Forum
Madinah Governor Tours Islamic Arts Biennale in Jeddah
Saudi Foreign Minister in Cairo to Lead Meeting on Gaza Developments
Recognition of Saudi and Pakistani Entrepreneurs at Riyadh Ceremony
UAE Announces $1.4 Trillion Investment Plan in the United States
×