Lucid late in September opened its second car plant. The plant, which was first introduced in early 2022, is positioned close to Jeddah, Saudi Arabia, and builds Lucid electrical automobiles each for Saudi Arabia and export.
The plant is getting used initially to construct semi knocked-down examples of the Lucid Air sedan at a charge of 5,000 items per yr, however there are plans to increase the positioning later this decade to deal with full manufacturing of Lucid automobiles at a charge of 150,000 items yearly.
Lucid’s first plant in Casa Grande, Arizona, which additionally builds the Air sedan, is anticipated to have an annual capability of 365,000 items when absolutely expanded.
Lucid’s predominant shareholder is Saudi Arabia’s sovereign wealth fund, often called the Public Funding Fund (PIF). A part of an funding deal by the PIF included a promise to buy 100,000 automobiles over a 10-year interval from Lucid.
Lucid car plant close to Jeddah, Saudi Arabia
The nation is investing in a number of new industries to cut back its dependence on oil, and final yr additionally introduced its personal EV model. Generally known as Ceer, the brand new model plans to launch its first mannequin in 2025.
Lucid is not the primary automaker linked with Saudi Arabia on automotive manufacturing. In 2012, Jaguar Land Rover performed a feasibility examine for potential manufacturing within the nation however did not proceed additional.
“We’re delighted to make historical past right this moment in Saudi Arabia by opening the nation’s first automotive manufacturing facility, which is able to produce our award-winning electrical automobiles and assist the nation’s imaginative and prescient for a extra sustainable and diversified economic system,” Peter Rawlinson, Lucid’s CEO, stated in an announcement.
The information comes as Lucid cuts costs on the Air in an effort to spice up gross sales. In a latest earnings announcement, Lucid stated it delivered only one,404 items within the second quarter and expects 2023’s manufacturing tally to achieve simply 10,000 items. The corporate ought to obtain a lift with the launch of its second mannequin, the Gravity SUV, which debuts in November and is scheduled to start out manufacturing in late 2024.
