Lucid Motors picked Saudi Arabia for its first overseas factory, the company said this week.
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The EV manufacturer’s new production facility will be able to make 155,000 vehicles a year. The Saudi Arabia factory will be in addition to Lucid’s factory in Arizona, which has a production capacity of 350,000 vehicles per year, according to CNBC.
Saudi Arabia’s Public Investment Fund was among the largest investors in Lucid, leading a $1 billion funding round in September 2018, according to Crunchbase.
Lucid had goals to deliver 20,000 vehicles to customers in 2022, although it’s unclear where the company’s at with that goal. CEO Peter Rawlinson told CNBC that the addition of the new factory in Saudi Arabia will speed up the company’s plan to produce 500,000 vehicles per year from 2030 to mid-decade.
The company was among a number of EV-related companies to go public last year, including Rivian (the largest IPO of the year) and ChargePoint. There’s been an increased focus–and funding–on EV companies as climate change concerns and policy mandates incentivized the transition to EV.
Illustration: Dom Guzman
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