If you too like millions of others are a fan of the US-based luxury automaker dubbed Lucid, the company has got some great news for you & this time from an unexpected country, Saudi Arabia.
Billions Of Euros To Be Invested In Lucid
According to reports, during the next 15 years, the company is all set to receive as much as €3.21 billion (£2.72 billion) in incentives and finance.
What Is Money Being Used For?
This is a huge amount which will be offered to the Lucid Motors for its Saudi production plant. This factory is likely to have a production capacity of 155,000 EVs annually.
Why Is Saudi Arabia Interested In Lucid?
It is to be noted here that Saudi Arabia is a major stakeholder in this EV manufacturer.
It owns shares in the company through its sovereign fund and has recently signed an agreement to buy as many as 100,000 EVs from Lucid over the next decade.
When Will The Factory Be Operational?
According to the company’s Chairman, Andrew Liveris, Lucid’s factory in Saudi Arabia will be completed by 2026. That’s just 4 years from now.
Why Is This Momentous?
This shows how interested the Lucid Motors is in entering the Middle Eastern market. That’s because this region remains one of the untapped markets for EV manufacturers.
This is primarily because of the low price of fossil fuels in this part of the world which keeps new buyers away from electric vehicles.
However, the recent decision of Saudi Arabia shows how the world is now transforming.
Where In Saudi Will The New Lucid Factory Be Located?
The newly built factory will be located in the King Abdullah Economic City which is located on the shore of the Red Sea.
How Has Lucid Been Performing Lately?
It is worth noting here that Lucid has been in warm waters recently. The company’s shares have plunged by 53% this year.
Recently the shares further dropped by 2.3% in a single day which made investors doubt their decisions regarding Lucid.