Lucid Motors will build its second plant in the Arabian Peninsula with the assistance of the Saudi Arabian sovereign wealth fund
Lucid Motors is expanding its «offensive», and after successfully completing the construction and commissioning of the first phase of its first plant in Casa Grande, Arizona, the company reportedly began negotiations with its main investor Saudi Arabia State Investment Fund to build a second plant. , on the territory of the Arabian Peninsula.
The exact location of the new Lucid Motors plant remains unknown. Two options are being considered: either a location near the port city of Jeddah on the Red Sea, or in an area where a futuristic smart, cross-border and tourist city NEOM is supposed to be built on an area of 26,500 km². Looking at the map and into the future, the #neom territory would be even preferable.
The first phase of the Lucid Motors plant in Arizona, which currently has a production capacity of 30,000 vehicles per year, has been launched and will clearly not be able to meet the growing demand for Lucid products. Therefore, it is natural that the Arizona plant will expand, and there is also a need to build a plant in the Eurasian space. And since if the sovereign investment fund of Saudi Arabia has invested in the project, then the logical next step should be to expand the production geography. Saudi Arabia is now actively investing in renewable energy projects, and the future city of NEOM should become the crown of the Kingdom’s new technological and energy order, which is throwing off the «shackles» of oil dependence.
And yes, Saudi Arabia is now one of the leaders in the production and export of oil, but the same can be said about Norway. It is important what the money raised from oil is directed to. Someone directs them to the technological transformation of the country, bringing it into the future, where people in cities will not suffocate from the smog of cars and generating capacities. It is through projects funded by the sovereign wealth investment fund PIF that the Saudi government is developing projects in its own country that will make the economy less dependent on oil. And the beginning of financing for Lucid Motors meant that at one of the stages of interaction, production will be created in the Kingdom.
The expansion of the production base for Lucid Motors is also necessary because the company plans to launch the production of the Lucid Gravity SUV, and to create not only luxury models, but business and budget classes. The construction of a plant in Saudi Arabia will give the company a geographically convenient foothold for entering the markets of the Middle East, North Africa, Europe, and Southeast Asia.
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