The announcement made by Lucid Group, an American electric vehicle manufacturer, on signing several agreements with Saudi government agencies, paving way for laying the groundwork for a full production factory in Saudi Arabia, is an important step that shows the competitiveness of Saudi Arabia in becoming a perfect investment destination and a top industrial force.

 

Lucid expects to manufacture up to 150,000 vehicles per year at the King Abdullah Economic City (KAEC) facility.

 

The move between the US firm and Saudi Arabia comes as a continuation of the relationship between the Public Investment Fund and Lucid since 2018, which has contributed to supporting Saudi Arabia’s efforts in manufacturing electric vehicles as part of the Saudi Vision 2030.

 

This would help the Saudi leadership in localizing the manufacturing of electric vehicles, creating job opportunities and diversifying economic resources by allowing the transportation sector to adopt sustainable energy.

 

Lucid anticipates that Saudi Arabia’s efforts to foster an automotive ecosystem through its Saudi Vision 2030 should yield cost savings for Lucid as well as environmental benefits, with reduced transportation of product to the customer.

 

Lucid expects to employ several thousand people at its KAEC facility once full production capacity is established, the majority of which are expected to be Saudi Arabian citizens.

 

The commitment of PIF’s strategy towards diversifying the economy and increasing revenues has contributed effectively to backing the efforts to transform Saudi Arabia to an industrial force, in addition to adopting environment friendly techniques that would limit carbon emissions and fight global change. (Asharq Al-Awsat)