U.S. electric vehicle maker Lucid Group plans to set up its first overseas factory in Saudi Arabia.
The manufacturing facility will be able to produce 155,000 vehicles a year, and will initially serve the local market.
Saudi Arabia’s minister of investment, Khalid al-Falih, said the Lucid factory is just the beginning.
Saudi Arabia also wants EV battery companies, suppliers and more to set up shop in the country, which could create 30,000 jobs.
Lucid is looking at more than electric cars in Saudi Arabia as the EV maker eyes energy storage systems that could be linked to solar photovoltaic farms.
As of 2021, Saudi Arabia was the world’s second largest producer of oil, according to the U.S. Energy Information Administration. It also has 297.5 billion barrels in oil reserves, second only to Venezuela, a World Population Review ranking said.
The kingdom’s state oil company, Aramco, saw its net income spike 82% to $39.5 billion in the first quarter of 2022.