PIF-backed Lucid targets 150k EVs a year from its first $3.4bn Saudi plant

Lucid Group, in which Saudi Public Investment Fund holds a major stake, signed agreements for its first Saudi plant to produce electric vehicles with a value of $3.4 billion.

The company signed agreements with the Ministry of Investment of Saudi Arabia, MISA,, the Saudi Industrial Development Fund, or SIDF, and the Economic City at King Abdullah Economic City, better known as KAEC, for the plant that targets 150,000 vehicles per year.

Lucid estimates that the location of Lucid’s first international manufacturing plant in Saudi Arabia may result in up to $3.4 billion of value over 15 years, it said in a statement.