Electric carmaker Lucid will be manufacturing vehicles in Saudi Arabia by December 2026, a key part of the kingdom’s plans to become an auto hub, create jobs, and boost non-oil exports. The announcement marks a shift from assembling imported kits to selling fully Saudi-made cars.
Lucid, majority-owned by Public Investment Fund, opened its first international facility outside the US two years ago near Jeddah. The site is the anchor for the King Salman Automotive Cluster that is also set to include a Hyundai plant and a facility for Ceer, a PIF-owned EV maker that is working on designs for its own cars. Officials expect companies in the new auto hub to contribute a cumulative 92 billion riyals ($24.5 billion) to the Saudi economy by 2035.
Silicon Valley-based Lucid needs the continued support of PIF to cover losses and fund the development of new models.