Luxury EV maker Lucid Group has opened its first international factory in Jeddah, Saudi Arabia.
The factory will have an initial capacity to assemble 5,000 Lucid vehicles annually. Lucid is looking to expand the facility to 150,000-vehicle production capacity.
A year ago, the government of Saudi Arabia, which has links with the kingdom’s Public Investment Fund that owns 61% of Lucid, said it would buy 100,000 the automaker’s electric vehicles over the next decade.
The EV sales agreement is part of the Saudi kingdom’s Vision 2030 plan, which seeks to diversify its economy away from fossil fuels.