Lucid to sign EV manufacturing plant contract in KAEC on May 18

One of Lucid Group’s cars

US electric car manufacturer Lucid Group Inc. will sign on May 18 a contract to start construction of an electric vehicle (EV) factory in King Abdullah Economic City (KAEC), according to a statement picked up by Argaam today, May 12.

The contract, which will be signed in presence of the Ministry of Finance, Ministry of Investment, Public Investment Fund (PIF), Saudi Industrial Development Fund (SIDF) and Emaar The Economic City (Emaar EC), is an important chapter in Lucid Group’s future.

Last March, Lucid Group inked agreements with the Ministry of Investment, SIDF and KAEC to build a car manufacturing facility in the Kingdom, Argaam earlier reported.

The company expects to manufacture up to 150,000 vehicles per year at the KAEC facility.