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Asharq Al-Awsat
Asharq Al-Awsat
Business
Riyadh - Asharq Al-Awsat

Lucid to Produce 150,000 EVs Per Year in Saudi Arabia

Lucid Saudi Arabia Kingdom Lucid Group Ministry of Investment Public Investment Fund
An electric vehicle on charger (Getty Images)

Lucid Group signed an agreement with the Saudi Ministry of Investment, the Industrial Development Fund, and the Economic City at King Abdullah Economic City to construct a plant in the Kingdom that will produce 150,000 electric vehicles (EVs) per year.

The Public Investment Fund holds a significant stake of 62 percent of Lucid, in a step that reflects a strategy to select future investment opportunities that provide growth in returns.

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