Since 2016 the Kingdom of Saudi Arabia has been advancing its Vision 2030 plan, touted as a strategic roadmap for its economy and people. Led by Saudi

Lucid Turns to Saudi Arabia for Future EV Factory

submited by

Style Pass

2022-05-27 02:30:04

Since 2016 the Kingdom of Saudi Arabia has been advancing its Vision 2030 plan, touted as a strategic roadmap for its economy and people. Led by Saudi Crown Prince Mohammad bin Salman, the program is an ambitious attempt (overly so, say critics) to shift the kingdom’s narrative from an oil-dependent, conservative country to a modern, open society thriving through a diverse economy, including green initiatives.

"Diverse," "green," and "modern" are concepts (or words) that don't seem to fit Saudi Arabia as many know it, but the country is showing signs it will walk the walk beyond mere platitudes. At least, that is, on the business side. This week, Arizona-based electric vehicle company Lucid announced that its first factory outside of the U.S. would be in the Middle East country, and the Kingdom will provide financing and incentives up to $3.4 billion over the next 15 years.

Lucid is currently equipped to produce more than 350,000 units per year in the U.S. The new plant would add another 155,000 units annually. On paper, it’s a smart move for Lucid, which is making waves in the luxury EV market. Lucid executives like CEO Peter Rawlinson are exuberant, proclaiming the benefits of pairing with an unlikely business partner.