Lucid Motors, an American electric vehicle manufacturer, is looking to expand its presence in the Saudi Arabian market with its luxury electric vehicles.
Lucid is expected to receive financing and incentives of up to $3.4 billion over the next 15 years to build and operate the manufacturing facility in the Kingdom. To be located in King Abdullah Economic City, AMP-2 is the Public Investment Fund-backed electric vehicle manufacturer’s first production facility outside the US, according to a statement.
According to Peter Rawlinson, CEO and CTO of Lucid Motors, the Saudi Arabian market is a key strategic target for the company, as the country is moving towards a more sustainable and diversified economy. “We believe that the region’s growing interest in electric vehicles presents a significant opportunity for us to establish ourselves as a leading luxury electric vehicle brand,” he said.
The company plans to open showrooms and service centers across the kingdom, with the first one slated to be located in Jeddah. Lucid’s flagship model, the Lucid Air, will be among the electric vehicles showcased at the showroom. The Lucid Air is a high-performance luxury electric sedan that boasts a range of up to 517 miles on a single charge.
Saudi Arabia’s Vision 2030 plan, which aims to reduce the country’s dependence on oil and diversify its economy, includes a target of having 1.5 million electric and hybrid vehicles on its roads by 2030. Lucid Motors is well-positioned to capitalize on this trend, as it seeks to establish itself as a leader in the luxury electric vehicle market in the region.