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Lucid Group is planning to build an EV factory in Saudi Arabia within the next four years.
The group is currently negotiating the details with the controversial Kingdom.
Talking to Bloomberg TV on Wednesday at a mining conference in Riyadh, Lucid Chairman Andrew Liveris said “Now that we are successfully producing and selling cars in the US, our attention to this factory here.”
Lucid and the Kingdom are currently ironing out ownership percentages for the company and its partners on the project, according to Automotive News.
Lucid has been in talks with Saudi Arabia’s sovereign wealth fund to build an EV plant near the coastal city of Jeddah, some 850 miles from the capital, Riyadh.
It is expected that the Public Investment Fund (PIF), which recently acquired English Premier League football club Newcastle United for some £305 million, would provide much of the money for the site.
The PIF and Lucid also considered building the new plant in Neom, a new city being developed in the northwest of the desert country.
The plant is certainly ambitious from Lucid, given that it is currently on track to produce its cars into 2023 – clearly, Liveris is expecting a big uptick in orders as the semiconductor crisis abates and the world emerges from the pandemic.
“We’ll have a lot more to say to the market about the sorts of things we’re seeing in the supply chain,” Liveris said. “Yes, we’re experiencing supply chain issues.”
The nascent EV maker’s growth has been remarkable, however. It collected $4.5 billion in its IPO in July, only bested by fellow EV maker Rivian last year, before starting production in September and delivering its first vehicles in October.
However, whether the company will be able to sustain this momentum remains to be seen – particularly with traditional car manufacturers becoming serious about their EV offerings.