Transportation & Logistics

Lucid Motors To Open Factory In Saudi Arabia

Illustration of electric car plugged into an outlet.

Lucid Motors picked Saudi Arabia for its first overseas factory, the company said this week.

Search less. Close more.

Grow your revenue with all-in-one prospecting solutions powered by the leader in private-company data.

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.

Lucid Motors was founded in 2007 and went public through a SPAC deal last year. The company raised money from investors including Venrock and the China Environmental Fund.

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. 

Along with newer players like Lucid Motors joining the market, legacy automakers like Ford and GM have announced plans to double down on EV.

Illustration: Dom Guzman

Stay up to date with recent funding rounds, acquisitions, and more with the Crunchbase Daily.

Copy link