Jeddah, September 28, 2023, Lucid Group, partially owned by the Public Investment Fund, unveiled its inaugural international manufacturing facility in King Abdullah Economic City (KAEC) located in Jeddah. This expansive unit occupies over 1.35 million square meters, constituting approximately 31% of the KAEC Special Economic Zone designated for the automotive industry.
In May 2022, Lucid Motors entered into a contract to commence construction of this factory in KAEC, equipped with a production capacity of 155,000 vehicles. The Economic Cities and Special Zones Authority recently granted the automaker the operational license for this state-of-the-art manufacturing facility.
During the inauguration event, Lucid Group disclosed its ambitious plan to export approximately 95% of its production, thereby unlocking fresh investment opportunities, bolstering supply chains, and positively impacting the Kingdom's balance of payments.
