Company Insights Lucid Motors Transport Lucid Motors News Industry Lucid opens first global EV factory in Saudi Arabia Californian electric vehicle (EV) maker Lucid Group has opened its first international manufacturing plant in the newly-launched King Abdullah Economic City (KAEC) special economic zone. The Economic Cities and Special Zones Authority last week issued Lucid a permit to operate a manufacturing unit at KAEC in Jeddah. The US-based EV maker, which is backed by […] September 28, 2023 Manufacturing Lucid gets permit to operate in new Saudi economic zone Saudi Arabia’s Economic Cities and Special Zones Authority has issued US electric vehicle maker Lucid Group a permit to operate a manufacturing unit at the newly-launched King Abdullah Economic City (KAEC) special economic zone. “This marks a successful kickoff for the new SEZs launched earlier this year, showcasing a promising avenue for innovation and growth,” […] September 22, 2023 Industry Musk terms Tesla’s Saudi factory talks ‘utterly false’ Billionaire Elon Musk has termed a media report about Tesla Inc. being in talks with Saudi Arabia to set up a production facility in the kingdom as “utterly false”. The Wall Street Journal (WSJ) reported on Monday, citing informed sources, that the kingdom is in early talks with US electric vehicle (EV) maker Tesla. “Yet […] September 19, 2023 Industry Sabic thermoplastic is key to electric car speed record As it flew around a track at the 2023 Hankook London E-Prix last month, electric race car Genbeta reached nearly 219 kilometres per hour, setting a new Guinness World Record for the fastest speed achieved by a vehicle indoors. Saudi Arabian petrochemicals giant Sabic developed thermoplastic materials to improve the performance of the vehicle – […] August 9, 2023 Industry Lucid to start manufacturing in Saudi next month The construction of Public Investment Fund-backed Lucid Group’s manufacturing facility in Saudi Arabia is well underway, with vehicle re-assembly operations expected to commence in September 2023. “At its peak, we expect to manufacture up to 155,000 vehicles per year at the facility,” the US electric vehicle (EV) manufacturer said in its second quarter earnings release. […] August 8, 2023 Manufacturing Saudi-backed Lucid in EV deal with UK’s Aston Martin Saudi Arabia-backed Lucid Group has signed a deal with British luxury carmaker Aston Martin to produce high-performance electric vehicles (EVs) from 2025. The Public Investment Fund (PIF), one of the largest sovereign wealth funds in the world, owns a 65 percent stake in the US-based EV manufacturer. As part of the agreement, Lucid will supply […] June 27, 2023 Manufacturing Ceer gets licence to build EV production facility in Saudi Saudi Arabia’s Ministry of Industry and Mineral Resources has granted an industrial licence to Ceer, the first local automotive brand to produce electric vehicles. The licence is required for Ceer to build its manufacturing facility over one million square metres of land in King Abdullah Economic City’s Industrial Valley. Ceer, launched last November, is a […] June 26, 2023 Transport Shares in Saudi-backed EV maker Lucid tumble Shares in electric car manufacturer Lucid Group tumbled in pre-market trading on Thursday after Saudi Arabia-backed, loss-making company said it would issue further stock to bolster its ailing finances. Saudi Arabia has bet big on Lucid as part of its economic diversification programme, with plans afoot to build a manufacturing plant in the kingdom. Yet […] June 1, 2023 Analysis Banking and Finance Saudi fund buys into US gaming and e-payments firms Saudi Arabia’s sovereign wealth fund has bought shares in gaming, electronic payment and alternative energy companies, increasing the value of its US holdings by 14 percent in the first three months of this year. The total value of holdings held by the Public Investment Fund (PIF) in US listed companies was $35.52 billion as of […] May 18, 2023 Manufacturing Saudi funding fails to stem $780m losses at Lucid Electric vehicle maker Lucid Group’s losses continue to widen despite the Saudi government extending $2.4 billion in funding last year. Lucid, in which the Saudi sovereign wealth fund, the PIF, owns a 65 percent stake, reported a first-quarter net loss for 2023 of $779.5 million, a year-on-year increase of 28.8 percent. “I believe that there […] May 10, 2023 Posts navigation Previous 1 2 3 4 … 6 Next
Industry Lucid opens first global EV factory in Saudi Arabia Californian electric vehicle (EV) maker Lucid Group has opened its first international manufacturing plant in the newly-launched King Abdullah Economic City (KAEC) special economic zone. The Economic Cities and Special Zones Authority last week issued Lucid a permit to operate a manufacturing unit at KAEC in Jeddah. The US-based EV maker, which is backed by […] September 28, 2023
Manufacturing Lucid gets permit to operate in new Saudi economic zone Saudi Arabia’s Economic Cities and Special Zones Authority has issued US electric vehicle maker Lucid Group a permit to operate a manufacturing unit at the newly-launched King Abdullah Economic City (KAEC) special economic zone. “This marks a successful kickoff for the new SEZs launched earlier this year, showcasing a promising avenue for innovation and growth,” […] September 22, 2023
Industry Musk terms Tesla’s Saudi factory talks ‘utterly false’ Billionaire Elon Musk has termed a media report about Tesla Inc. being in talks with Saudi Arabia to set up a production facility in the kingdom as “utterly false”. The Wall Street Journal (WSJ) reported on Monday, citing informed sources, that the kingdom is in early talks with US electric vehicle (EV) maker Tesla. “Yet […] September 19, 2023
Industry Sabic thermoplastic is key to electric car speed record As it flew around a track at the 2023 Hankook London E-Prix last month, electric race car Genbeta reached nearly 219 kilometres per hour, setting a new Guinness World Record for the fastest speed achieved by a vehicle indoors. Saudi Arabian petrochemicals giant Sabic developed thermoplastic materials to improve the performance of the vehicle – […] August 9, 2023
Industry Lucid to start manufacturing in Saudi next month The construction of Public Investment Fund-backed Lucid Group’s manufacturing facility in Saudi Arabia is well underway, with vehicle re-assembly operations expected to commence in September 2023. “At its peak, we expect to manufacture up to 155,000 vehicles per year at the facility,” the US electric vehicle (EV) manufacturer said in its second quarter earnings release. […] August 8, 2023
Manufacturing Saudi-backed Lucid in EV deal with UK’s Aston Martin Saudi Arabia-backed Lucid Group has signed a deal with British luxury carmaker Aston Martin to produce high-performance electric vehicles (EVs) from 2025. The Public Investment Fund (PIF), one of the largest sovereign wealth funds in the world, owns a 65 percent stake in the US-based EV manufacturer. As part of the agreement, Lucid will supply […] June 27, 2023
Manufacturing Ceer gets licence to build EV production facility in Saudi Saudi Arabia’s Ministry of Industry and Mineral Resources has granted an industrial licence to Ceer, the first local automotive brand to produce electric vehicles. The licence is required for Ceer to build its manufacturing facility over one million square metres of land in King Abdullah Economic City’s Industrial Valley. Ceer, launched last November, is a […] June 26, 2023
Transport Shares in Saudi-backed EV maker Lucid tumble Shares in electric car manufacturer Lucid Group tumbled in pre-market trading on Thursday after Saudi Arabia-backed, loss-making company said it would issue further stock to bolster its ailing finances. Saudi Arabia has bet big on Lucid as part of its economic diversification programme, with plans afoot to build a manufacturing plant in the kingdom. Yet […] June 1, 2023
Analysis Banking and Finance Saudi fund buys into US gaming and e-payments firms Saudi Arabia’s sovereign wealth fund has bought shares in gaming, electronic payment and alternative energy companies, increasing the value of its US holdings by 14 percent in the first three months of this year. The total value of holdings held by the Public Investment Fund (PIF) in US listed companies was $35.52 billion as of […] May 18, 2023
Manufacturing Saudi funding fails to stem $780m losses at Lucid Electric vehicle maker Lucid Group’s losses continue to widen despite the Saudi government extending $2.4 billion in funding last year. Lucid, in which the Saudi sovereign wealth fund, the PIF, owns a 65 percent stake, reported a first-quarter net loss for 2023 of $779.5 million, a year-on-year increase of 28.8 percent. “I believe that there […] May 10, 2023
