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Saudi Arabia likely to see two more electric vehicle plants

Alloy Wheel, Wheel, Spoke
Earlier this month Lucid Group, which is 60 percent owned by the Saudi sovereign wealth fund, revealed plans to build an EV production hub in Saudi Arabia

Plans by American electric vehicle (EV) maker Lucid Motors to build a production plant in Saudi Arabia is likely to be the first of at least three such facilities in the kingdom, investment minister Khalid Al-Falih said today.

Speaking at the World Economic Forum in Davos, Falih did not provide any further details on the two other possible plants set to be unveiled in Saudi Arabia.

Earlier this month, Lucid Group, which is 60 percent owned by Saudi sovereign wealth fund the Public Investment Fund, revealed plans to build an EV production hub in Saudi Arabia, which will have an annual capacity of 155,000 vehicles and help create 4,500 new jobs.

Under deals struck in February with the Ministry of Investment of Saudi Arabia, the Saudi Industrial Development Fund, Emaar, The Economic City and Gulf International Bank, Lucid will receive financing and incentives worth up to $3.4 billion over the next 15 years.

“I’m delighted this brand new manufacturing facility will come to fruition here in Saudi Arabia,” said Peter Rawlinson, Lucid’s CEO and CTO.

“We are thrilled to be supporting Saudi Arabia in achieving its sustainability goals and net-zero ambitions, as outlined in Saudi Vision 2030 and the Saudi Green Initiative.”

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