Saudi-Backed Electric Car Maker Lucid Plans New Factory in Saudi Arabia

Lucid Group Inc (Lucid), the American electric vehicle manufacturer, is still in discussions with the Saudi Arabian government over the location of its new factory anticipated for establishment in the country.

Why it Matters?

In April 2019, Saudi Arabia’s Public Investment Fund (PIF) injected USD 1 billion into Lucid, resulting in a 67% stake in the firm. Lucid’s Chairman Andrew Liveris stated that since the company is now successfully producing and selling cars in the United States (US), attention has now shifted to its operations in the Middle East and specifically, the new factory planned in Saudi Arabia.

Details

Production of Lucid cars was anticipated to begin by 2024 as reported in September 2021 but has...