Saudi Arabia Targets Carmaking Big League With Lucid Tie-Up - Bloomberg
Saudi Arabia is working toward rolling out hundreds of thousands of cars a year, joining forces with luxury electric-vehicle startup Lucid Group Inc. as it looks to become a hub for automakers.
The kingdom, seeking to diversify its economy away from oil, is aiming to make some 300,000 cars a year by 2030, Industry and Minerals Resources Minister Bandar Alkhorayef said. Half of those cars will by built by Lucid, he said.
“Our direction toward setting up more EV manufacturing plants is very serious and important,” the minister said in an interview at the King Abdullah Economic City on the country’s west coast, where Lucid is building a factory.
Lucid, which is part-owned by the kingdom’s sovereign wealth fund, will export 85% of its Saudi-made EVs, while other manufacturers are expected to export about 25%, he said. Exports would target India, China, Africa and the rest of the Middle East, he said.
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