Lucid Group, the electric vehicle manufacturer, aims to export about 92% of the production from its Saudi factory to international markets, with 13% of it designated for the Gulf Cooperation Council (GCC) countries.
This was revealed in an interview with Faisal Sultan, the Vice President and Managing Director for the Middle East, by the "Arab News" newspaper, as reported by Bloomberg today, Monday.
Sultan stated that the construction of the factory, being built in King Abdullah Economic City on the western coast of the Kingdom, is progressing according to plan. He mentioned that the construction would be completed by the end of next year, with production expected to begin in 2027 at a capacity of 150,000 vehicles annually.
The Lucid executive pointed out that the presence of three car manufacturers in Saudi Arabia, two of which are electric (Lucid and Seer), along with Hyundai, a hybrid manufacturer, supports the Kingdom's ambition to become a hub for vehicle manufacturing and achieve the goal of producing 500,000 vehicles by 2030.
Sultan added that this would attract the supply chain to the country, reducing manufacturing costs.
He also anticipated that electric vehicles would make up 30% of the total number of vehicles in Saudi Arabia, up from the current 7%, as a result of government initiatives, policies, and incentives.
Sultan further mentioned that Lucid is working with government entities and various companies to increase charging stations, particularly outside cities.
Lucid is exploring partnerships to establish a battery recycling plant near its manufacturing site in King Abdullah Economic City, Sultan explained, adding that this process would ensure the safe disposal of battery components or resell them to entities that can reuse them.
The company has appointed Mark Winterhoff, the Chief Operating Officer of the electric vehicle manufacturing company, as the interim CEO while continuing its search for a new leader, according to a statement released by the company when announcing its fourth-quarter results.
This shift comes after a year of growth in Lucid's sales, the launch of the "Gravity" SUV, and securing additional funds from a subsidiary of the Saudi Public Investment Fund, which is the largest investor in Lucid.
