Skip to content Skip to Search
Skip navigation

Saudi’s Maaden unit strikes deal with EV maker Lucid

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.

Latest articles

Turkey foreign property sales

Foreigners turning back on Turkish real estate

Foreign buyers are increasingly shunning the Turkish property market, wary of high prices, the expensive cost of living and a less welcoming environment for overseas real estate investors. There were only 2,064 residential units sold to foreign buyers in May, 35 percent down on the same month last year, data issued by the state statistics […]

Adult, Male, Man

UAE to invest in Turkey’s economic sectors says minister

The UAE is willing to invest across numerous sectors in Turkey, said Emirati energy and infrastructure minister Suhail Al Mazrouei. The Gulf state is exploring opportunities in the energy, agriculture, transportation, tourism and other sectors, state-run Anadolu Agency (AA) news agency reported, citing the minister on the sidelines of the St. Petersburg International Economic Forum. […]

Opec Secretary General Haitham Al Ghais says peak oil 'is not on the horizon'

Upstream oil and gas ‘needs more annual investment’

Annual capital expenditure for exploration and production in the upstream sector of the oil industry needs to increase by 22 percent by 2030 because of growing demand and cost inflation, experts say. A cumulative $4.3 trillion needs to be invested between 2025 and 2030, according to a report by the International Energy Forum (IEF) and […]

Rothschild Saudi

Edmond de Rothschild to run funding vehicle for Saudi projects

The Edmond de Rothschild Group is establishing a funding vehicle for infrastructure projects in Saudi Arabia along with the local firm SNB Capital, as part of a deal in which the Swiss investment bank will set up offices in the country.  Saudi Arabia’s massive economic diversification programme has run into financial obstacles as it faces […]