Jeddah – Luxury electric vehicle maker Lucid Group has signed a deal to open a manufacturing plant on Saudi Arabia’s west coast; the company’s first site outside the US.
According to a statement, Lucid signed a $30 million lease agreement with Emaar Economic City; for an industrial plot in King Abdullah Economic City outside Jeddah.
The 25-year lease will allow Lucid “to construct and operate automotive manufacturing and assembly facility; together with all ancillary services,” Emaar Economic said.
In January, Chairman Andrew Liveris, who is also a board member at Saudi Aramco; told Bloomberg TV that Lucid would build an electric vehicle factory in Saudi Arabia by 2026.
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The company, which makes the $169,000 Air sedan, counts the kingdom’s sovereign wealth fund as its largest investor with a 62% stake in the company.
The Newark, California-based company’s goal for 2021 was to hand over 577 vehicles to customers; – 520 limited-release units of its debut Dream Edition, and the rest a lower-spec Grand Touring version.