Lucid Motors confirms factory plans in Saudi Arabia

Lucid Motors confirms factory plans in Saudi Arabia

"Now that we're successfully producing and selling cars in the U.S., our attention is focused on this factory here," Lucid chairman Andrew Liveris told Bloomberg Television, according to the statement. Among the issues still being negotiated are the exact ownership arrangements between Lucid and its Saudi Arabian partners involved.

This is the first time that a representative of the company has confirmed rumours about a Lucid factory in Saudi Arabia that had been circulating for some time. A year ago, Bloomberg had also reported about a concrete location in the port city of Jeddah on the Red Sea. At the time, it was also said that the plans were far advanced, but that there could still be changes - the planned city of Neom was probably also in the running as an alternative besides Jeddah.

In the recent article, Bloomberg again mentions these two cities as possible locations, with King Abdullah Economic City in Jeddah arguably the favorite. According to the article, Saudi sovereign wealth fund PIF, which has already held a stake in Lucid Motors since 2018, would "provide much of the money for the King Abdullah Economic City location," according to a person familiar with the proceedings. Liveris did not comment on a possible location.