Lucid Motors and SAUDI ARABIA PIF takes the EV Industry by STORM

Lucid Group – which is setting new standards for the luxury electric experience with its Lucid Air and is the winner of the 2023 World Luxury Car Award – has officially opened the first-ever car manufacturing facility in Saudi Arabia. As Lucid’s second Advanced Manufacturing Plant (AMP-2) and first international plant, the facility will produce Lucid’s ground-breaking electric vehicles for Saudi Arabia and export to other markets.

The AMP-2 facility received significant support from the Ministry of Investment of Saudi Arabia (MISA), the Saudi Industrial Development Fund (SIDF), and the Economic City at King Abdullah Economic City (KAEC) and will play a pivotal role in accelerating Saudi Arabia’s strategic goal to diversify its economy.

However, Lucid Motors, the US-based electric car maker, has faced significant losses since Q1 of 2020, with net accumulating losses exceeding $4.6 billion. Despite Lucid’s financial struggles, the Public Investment Fund (PIF) of Saudi Arabia, which owns a 60.46% stake in the company, remains committed to its investment.
The PIF has invested around $6.4 billion in Lucid since 2018 and has agreed with the company to purchase up to 100,000 of its vehicles over the next ten years.lications are also available in Arabic. Help AGSIW expand its Arabic-language

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