Lucid Group, Inc. (NASDAQ: LCID), renowned for its groundbreaking luxury electric vehicles exemplified by the Lucid Air, winner of the prestigious 2023 World Luxury Car Award, has achieved a historic feat with the inauguration of Saudi Arabia's inaugural car manufacturing facility. Serving as Lucid's second Advanced Manufacturing Plant (AMP-2) and its premier international venture, this facility is poised to produce Lucid's innovative electric vehicles for both domestic consumption and export to global markets.
Supported by the Ministry of Investment of Saudi Arabia (MISA), the Saudi Industrial Development Fund (SIDF), and the Economic City at King Abdullah Economic City (KAEC), the AMP-2 facility represents a significant milestone in Saudi Arabia's endeavor to diversify its economy. Aligned with the Saudi Green Initiative's goal of electrifying 30% of new car sales by 2030, Lucid's presence in the region underscores its commitment to advancing sustainable transportation solutions.
Peter Rawlinson, CEO and CTO of Lucid Group, expressed his enthusiasm for the historic occasion, highlighting the facility's role in realizing Saudi Arabia's Vision 2030 and fostering local talent development in the technology sector. With semi knocked-down (SKD) assembly already underway, the facility is set to have an initial annual capacity of 5,000 cars, with plans to scale up to 150,000 cars annually by transitioning to complete build unit (CBU) production.
Moreover, the AMP-2 facility is poised to drive innovation and employment opportunities, with plans to employ hundreds of Saudi nationals in its initial phase, eventually expanding to thousands. Through partnerships with organizations like the Human Resources Development Fund (HRDF), Lucid aims to nurture a skilled and localized workforce in line with Vision 2030 objectives.
Strategically located near Jeddah, the facility's proximity to key transportation hubs facilitates access to domestic and international markets, further catalyzing growth and development. The opening ceremony, attended by dignitaries including H.E. Yasir O. Al-Rumayyan and Lucid Group executives, underscored the significance of this milestone in Saudi Arabia's economic landscape.
In conclusion, Lucid's AMP-2 facility represents not only a significant step forward for the company but also a testament to Saudi Arabia's commitment to innovation and sustainability in the automotive industry. With its state-of-the-art manufacturing capabilities and focus on local talent development, Lucid is poised to redefine the future of electric mobility in the region and beyond.
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