EV maker Lucid opens first-ever car plant in Saudi Arabia

The plant aims to fulfill the growing demand for EVs both in the domestic and export markets in the region.

Get a daily digest of the latest news in tech, science, and technology, delivered right to your mailbox. Subscribe now.norms, American EV maker Lucid has opened its first international manufacturing plant in the Middle East. Based in King Abdullah Economic City , Jeddah, Saudi Arabia, the plant will also be the oil-rich Gulf nation's first automotive manufacturing plant.

The project is also slated to expand the growing automotive supply chain in the Kingdom and generate hundreds of new job opportunities for Saudi individuals.

By the middle of the decade, Lucid plans to switch AMP-2 to complete build unit production in Saudi Arabia, adding an additional 150,000 vehicles to its yearly capacity, making the country's supply chain more sustainable and affordable for customers. The new plant also helps the firm to "efficiently fulfill the recently signed agreement with the government of Saudi Arabia to purchase up to 100,000 vehicles over ten years, with an initial commitment to purchase 50,000 vehicles and an option to purchase up to an additional 50,000 vehicles over the same period," said Faisal Sultan, vice president and managing director Middle East, Lucid Group, in a statement.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

IntEngineering /  🏆 287. in US

Australia Latest News, Australia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Saudi Arabia to tap international debt markets as deficits return By ReutersSaudi Arabia to tap international debt markets as deficits return
Read more »

How South Africa botched its first coal power-plant transitionKey ministers in President Cyril Ramaphosa’s government have attacked the switch to renewable energy.
Read more »

The Rebel Drone Maker of MyanmarIn a cave in eastern Myanmar, a young engineer who goes by the nom de guerre “3D” is building weapons to fight against a brutal military dictatorship.
Read more »

Evercore ISI upgrades this electric vehicle maker, says it can become the next TeslaAnalyst Chris McNally upgraded Rivian Automotive to outperform from in line and raised his price target to $35.
Read more »

Footwear maker Birkenstock seeks IPO valuation of $9.2 billion By Investing.comFootwear maker Birkenstock seeks IPO valuation of $9.2 billion
Read more »