Robert Besser
30 Sep 2023, 14:01 GMT+10
JEDDAH, Saudi Arabia: As part of Riyadh's efforts to further Saudi Arabia's electrification drive, electric vehicle (EV) maker Lucid announced the opening of its first international manufacturing plant in Jeddah, this week.
After revealing plans for the Jeddah factory in 2022, Lucid, whose largest shareholder is Saudi's sovereign wealth fund, said the kingdom has signed an agreement to purchase some 100,000 vehicles over 10 years.
Lucid's AMP-2 facility, located in King Abdullah Economic City (KAEC), will assemble the luxury electric sedan Lucid Air, with an initial production capacity of 5,000 units per year.
The site will be scaled up to produce a future output of 155,000 units per year.
The fund, responsible for managing Riyadh's plan to reduce reliance on oil, aims to make the kingdom a major player in the EV industry, dominated by countries such as China and the U.S.
In 2022, Saudi Arabia launched its first EV brand, Ceer, and announced $6 billion in investments for a steel plate mill complex and an EV battery metals plant.
Reports also show that EV sector leader Tesla is in early discussions to establish a production plant in the country.
Get a daily dose of Phoenix Herald news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Phoenix Herald.
More InformationPHILADELPHIA, Pennsylvania: In a measure supporters claimed will increase public safety amid high violent crime rates, Philadelphia City Council passed ...
CHICAGO, Illinois: As winter sets in and with cold weather just around the corner, Chicago is struggling to house hundreds ...
BOLOGNA, Italy: Due to fears of a collapse, local officials have secured the area around one of two 12th century ...
MUNICH, Germany: The heavy snow and icy conditions that hit Bavaria, Germany, canceled flights and long-distance trains out of Munich, ...
RALEIGH, North Carolina: After a decade of discussions and hesitations, North Carolina has expanded Medicaid coverage by offering government-funded health ...
The U.S. has supplied Israel with scores of BLU-109 bunker-buster bombs since October 7, the Wall Street Journal has reported, ...
NEW YORK, New York - A decline in labor costs as measured by ADP failed to boost U.S. Markets Wednesday."ADP's ...
WASHINGTON D.C.: A U.S. auto safety regulator said this week it is opening an investigation into 73,000 Chevrolet Volt plug-in ...
NEW YORK: This week, a New York judge approved legal settlements to end lawsuits that halted the state's legal cannabis ...
NEW YORK, New York - U.S. stocks spent most of Tuesday meandering, with the major indices closing out the day ...
DEARBORN, Michigan: This week, Ford said a six-week United Auto Workers (UAW) strike cut its sales by some 100,000 vehicles ...
WASHINGTON D.C.: This week, the Biden administration adopted a new rule aimed at reducing methane emissions, which targets the role ...