Lucid Group, which is partially owned by the Public Investment Fund, launched Wednesday its first international factory in Jeddah-based King Abdullah Economic City (KAEC).
The manufacturing unit extends over an area of more than 1.35 million square meters, occupying about 31% of the total area allocated to the automotive industry in the KAEC Special Economic Zone, SPA reported.
In May 2022, Lucid Motors signed a contract to begin construction of its factory in KAEC with a production capacity of 155,000 vehicles.
The Economic Cities and Special Zones Authority recently granted the automaker the operating license for its manufacturing unit.
During the inauguration ceremony, the company explained that about 95 percent of its production will be exported, which will open new investment opportunities and support supply chains and the balance of payments in the Kingdom.
