Lucid Group (LCID) is on track with plans to start producing cars in Saudi Arabia as it looks to drive the kingdom’s ambitions to create a domestic auto manufacturing hub and cut down on imports, Bloomberg News reported.
The EV maker, which counts Saudi Arabia’s $1 trillion sovereign wealth fund as its top shareholder, plans to move from assembly to full-scale vehicle manufacturing by year-end at a new facility near Jeddah on the Red Sea, according to Interim Chief Executive Officer Marc Winterhoff.
While initial production estimates were not given, Winterhoff said the automaker will ramp up gradually in 2027 and 2028, reaching a full capacity of 150,000 vehicles in 2029.
