Lucid Motors, a company partially owned by the Public Investment Fund (PIF), has announced that its first electric vehicle (EV) to be assembled in Saudi Arabia will be launched this September. Faisal Sultan, Global Vice President and Managing Director Middle East for Lucid Motors, shared this exciting news during his participation in the PIF private sector Forum, as reported by the Saudi Press Agency (SPA).
The goal of Lucid Motors is to establish a stand-alone plant in Saudi Arabia and localize its industries. Sultan highlighted that Saudi Arabia is one of the largest car consumers in the region, making it an ideal location for Lucid Motors to expand its operations. The company is also committed to creating job opportunities and raising employment rates among Saudis.
See also: Lucid makes first deliveries in Saudi Arabia following European launch
Lucid Motors has further developed and grown after becoming a part of the PIF portfolio. Sultan emphasized that the company is on track toward reaching its goals, which includes increasing localization efforts in Saudi Arabia. By building a plant in the country, Lucid Motors can cater to the demands of the local market, and support the Saudi economy by creating more jobs.
With the launch of the first electric vehicle assembled in Saudi Arabia, Lucid Motors is setting a new standard for the automotive industry in the country. By localizing its operations and creating job opportunities, Lucid Motors is making a significant contribution to the growth and development of Saudi Arabia’s economy. It will be interesting to see how Lucid Motors’ localization efforts will impact the industry, and how it will benefit both the company and the country in the long run.
