Saudi Press

Saudi Arabia and the world
Wednesday, Jun 04, 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
Global News Roundup: From Ukraine's strategic military strikes and Russia's demands and Tensions Escalate in Ukraine, to serious legal issues faced by Britons in Bali and Trump's media criticism, the latest developments highlight a turbulent landscape
U.S. Reduces Military Presence in Syria
Trump Demands Iran End All Uranium Enrichment in Nuclear Talks
Iran Warns Europe Against Politicizing UN Nuclear Report
Paris Saint-Germain's Greatest Triumph Is Football’s Lowest Point
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
Meta and Anduril Collaborate on AI-Driven Military Augmented Reality Systems
EU Central Bank Pushes to Replace US Dollar with Euro as World’s Main Currency
European and Arab Ministers Convene in Madrid to Address Gaza Conflict
U.S. Health Secretary Ends Select COVID-19 Vaccine Recommendations
Trump Warns Putin Is 'Playing with Fire' Amid Escalating Ukraine Conflict
India and Pakistan Engage Trump-Linked Lobbyists to Influence U.S. Policy
U.S. Halts New Student Visa Interviews Amid Enhanced Security Measures
Trump Administration Cancels $100 Million in Federal Contracts with Harvard
SpaceX Starship Test Flight Ends in Failure, Mars Mission Timeline Uncertain
King Charles Affirms Canadian Sovereignty Amid U.S. Statehood Pressure
Iranian Revolutionary Guard Founder Warns Against Trusting Regime in Nuclear Talks
UAE Offers Free ChatGPT Plus Subscriptions to Citizens
Lebanon Initiates Plan to Disarm Palestinian Factions
Iran and U.S. Make Limited Progress in Nuclear Talks
The Daily Debate: The Fall of the Dollar — Strategic Reset or Economic Self-Destruction?
Trump Administration's Tariff Policies and Dollar Strategy Spark Global Economic Debate
OpenAI Acquires Jony Ive’s Startup for $6.5 Billion to Build a Revolutionary “Third Core Device”
Turkey Weighs Citizens in Public as Erdoğan Launches National Slimming Campaign
Saudi-Spanish Business Forum Commences in Riyadh
Saudi Arabia and Spain Sign MoU to Boost SME Sectors
UK Suspends Trade Talks with Israel Amid Gaza Offensive
Iran and U.S. Set for Fifth Round of Nuclear Talks Amid Rising Tensions
Russia Expands Military Presence Near Finland Amid Rising Tensions
Indian Scholar Arrested in Crackdown Over Pakistan Conflict Commentary
Israel Eases Gaza Blockade Amid Internal Dispute Over Military Strategy
President Biden’s announcement of advanced prostate cancer sparked public sympathy—but behind closed doors, Democrats are in panic
A Chinese company made solar tiles that look way nicer than regular panels!
Indian jet shootdown: the all-robot legion behind China’s PL-15E missiles
The Chinese Dragon: The True Winner in the India-Pakistan Clash
Australia's Venomous Creatures Contribute to Life-Saving Antivenom Programme
The Spanish Were Right: Long Working Hours Harm Brain Function
Did Former FBI Director Call for Violence Against Trump? Instagram Post Sparks Uproar
US and UAE Partner to Develop Massive AI Data Center Complex
Apple's $95 Million Siri Settlement: Eligible Users Have Until July 2 to File Claims
US and UAE Reach Preliminary Agreement on Nvidia AI Chip Imports
President Trump and Elon Musk Welcomed by Emir of Qatar Sheikh Tamim with Cybertruck Convoy
Strong Warning Issued: Do Not Use General Chatbots for Medical, Legal, or Educational Guidance
Saudi Arabia Emerges as Global Tech Magnet with U.S. Backing and Trump’s Visit
This was President's departure from Saudi Arabia. The Crown Prince personally escorted him back to the airport.
NVIDIA and Saudi Arabia Launch Strategic Partnership to Establish AI Centers
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
×