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Lucid to sign contract for EV factory in KAEC next week

The company expects to manufacture up to 150,000 vehicles annually at the KAEC facility. (Shutterstock)

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Updated 13 May 2022

Arab News

May 12, 2022 16:30

Lucid to sign contract for EV factory in KAEC next week

Updated 13 May 2022

Arab News

May 12, 2022 16:30

RIYADH: US electric car maker, Lucid, will sign a contract to start building an electric vehicle factory in King Abdullah Economic City, known as KAEC, on May 18, according to a press invitie.

The contract will be signed in the presence of the Ministry of Finance, Ministry of Investment, Public Investment Fund, Saudi Industrial Development Fund and Emaar The Economic City.

Last March, Lucid signed agreements with the Ministry of Investment, SIDF and KAEC to build a car manufacturing facility in ��Ƶ, Argaam earlier reported.

The company expects to manufacture up to 150,000 vehicles annually at the KAEC facility.