Lucid Group, in which the Public Investment Fund holds partial ownership, inaugurated its first international factory in King Abdullah Economic City (KAEC) in Jeddah. This milestone marks a significant step for the company.
The newly established manufacturing facility sprawls across an expansive area, encompassing over 1.35 million square meters. This impressive space accounts for approximately 31% of the total area allocated for the automotive industry within the KAEC Special Economic Zone.
Lucid Motors, in May 2022, formalized an agreement to commence construction of this factory in KAEC, designed with a production capacity of 155,000 vehicles. Recently, the Economic Cities and Special Zones Authority granted the automaker the operating license for this state-of-the-art manufacturing unit.
During the inauguration ceremony, Lucid Group highlighted its ambitious export plans, with around 95% of its production intended for international markets. This strategic move is expected to create fresh investment opportunities, fortify supply chains, and bolster the Kingdom’s balance of payments. It signifies a significant contribution to the Saudi automotive industry and the nation’s economic diversification efforts.
