According to report, electric car upstart Lucid plans to build an electric car factory in Saudi Arabia by 2025 or 2026, and is negotiating details with Saudi government departments.

At a mining conference in Riyadh on Wednesday, Lucid Chairman Andrew Liveris said that the company has successfully produced and sold electric vehicles in the United States.

However, the company is now gradually turning its attention to the Saudi plant, and is negotiating with local partners to finalize details such as the shareholding ratio.

Lucid is in talks with Saudi Arabia’s sovereign wealth fund PIF to build an electric car factory near the Red Sea city of Jeddah, according to people familiar with the matter.

PIF is the majority shareholder of Lucid. It is reported that PIF will provide most of the funds for the construction of the factory in King Abdullah Economic City. comminicate.

Liveris did not elaborate on the current operation of the company, but only confirmed that the company is facing supply chain problems. Lucid's main focus right now is to increase production of the Lucid Air model.
Axact

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