The US electric car manufacturer Lucid Motors has now confirmed for the first time that it is planning a factory in Saudi Arabia. This is to be built by 2025 or 2026. Details are currently being negotiated with ministries in the kingdom.
Among the issues still under negotiation, according to the statement, is the exact ownership structure between Lucid and the Saudi Arabian partners involved.
This is the first time that a company representative has confirmed rumors about a Lucid factory in Saudi Arabia that have been circulating for some time.
Bloomberg mentions the two cities as possible locations, with the King Abdullah Economic City in Jeddah probably being the favourite.
The Saudi sovereign wealth fund PIF, which has held a stake in Lucid Motors since 2018, would accordingly “provide much of the money for the location in King Abdullah Economic City”, according to a person familiar with the proceedings.