The latest news and information about NEOM, ENOWAOXAGONTHE LINE, TONOMUSTROJENA and other NEOM related projects

Lucid set to start work on Saudi EV factory

Lucid Group, setting new standards with the longest-range, fastest-charging electric car on the market, has set the stage for the construction of its AMP-2, a world-class production factory in Saudi Arabia with the hosting of a ceremonial signing event.

The agreements celebrated are estimated to provide financing and incentives to Lucid up to $3.4 billion in aggregate over the next 15 years to build and operate a manufacturing facility in Saudi Arabia. The factory will have a capacity to produce 155,000 electric vehicles.

“I am truly delighted to partner with PIF, our signing partners, and the Government of Saudi Arabia in advancing our shared vision of global sustainability.” - Peter Rawlinson, Lucid’s CEO and CTO.

Lucid reviewed multiple opportunities before selecting KAEC in Saudi Arabia, an area known for its livability and sustainability, as the optimal location for the second of its global network of electric vehicle manufacturing facilities. Lucid also officially designated the new Saudi Arabian plant “AMP-2” (Advanced Manufacturing Plant #2), indicating its position as the next cornerstone of Lucid’s vertically integrated global production network.

Read the full story at Zawya

Add your commment below.