Lucid opens first international EV factory in Saudi Arabia
Electric-vehicle maker Lucid Group said on Wednesday it had opened its first international manufacturing plant in Saudi Arabia's Jeddah city, under a deal designed to further the Middle Eastern country's electrification push.
Lucid announced plans for the Jeddah factory last year and said the kingdom had signed an agreement to buy up to 100,000 vehicles from the company over 10 years.
Saudi's sovereign wealth fund, Lucid's largest shareholder, has been tasked with driving the kingdom's ambitious plan to reduce reliance on oil revenue as it ventures into an EV industry dominated by countries like China and the United States.
In 2022, the kingdom launched its first EV brand Ceer and announced $6 billion in investments for a steel plate mill complex and an EV battery metals plant.
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