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Saudi’s Maaden unit strikes deal with EV maker Lucid

By Pramod Kumar
Lucid's factory in Saudi Arabia's King Abdullah Economic City will have the capacity to assemble 5,000 vehicles per annum in the first phase Lucid
Lucid's factory in Saudi Arabia's King Abdullah Economic City.

A subsidiary of the Saudi Arabian Mining Company (Maaden) has signed an agreement to supply aluminium sheets to US electric vehicle maker Lucid Motors.

Maaden Rolling Company signed the deal with Lucid – which is 60.2 percent owned by Saudi Arabia’s Public Investment Fund – during the Future Minerals Forum in Riyadh.

The deal will last three years, Maaden said in a post on the messaging platform X. 

Maaden Rolling Company has a capacity of 460,000 tonnes per year and currently produces sheets for the automotive industry.

Lucid’s global vice president, Faisal Sultan, said in December 2023 that the company had assembled 800 cars in its Saudi factory, which became operational in September last year. 

The Californian electric vehicle (EV) maker expects to manufacture up to 155,000 EVs per year at the facility, the company said in its second-quarter 2023 earnings release.

The facility’s initial capacity stands at 5,000 EVs a year after the Saudi government agreed to buy up to 100,000 Lucid units over the next 10 years.

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