PIF-backed Lucid Group opens up its first international EV plant in KSA: EV maker Lucid Group — which is backed by Saudi Arabia’s Public Investment Fund — inaugurated its first overseas production facility in Jeddah’s King Abdullah Economic City (KAEC) after obtaining the operating license for its manufacturing unit earlier this week, according to a company statement. The Advanced Manufacturing Plant (AMP-2) will contribute to Saudi Arabia’s target of having EVs make up 30%of new car sales in the kingdom by 2030.

Planned production capacity: In the first production phase, the automaker plans to have a 5k EV manufacturing capacity of its flagship Lucid Air cars per annum, for which it recently secured the 2023 World Luxury Car Award. AMP-2 has already kicked off operation on semi-knocked-down kits (SKDs) — vehicles that arrive at a plant with the body already welded and coated or painted, along with nearly all the parts needed for assembly. The company plans to produce 155k EVs yearly in Saudi Arabia once full-fledged production capacity is achieved by 2025. Lucid aims to build a full production plant in the country that could potentially earn the EV manufacturer USD 3.4 bn over 15 years. Construction of the facility began in May 2022.

REMEMBER- PIF is helping Lucid drum up capital to expand its operation in KSA and beyond: Lucid Group plans to raise USD 3 bn through a common stock offering, with most of the funding coming from the PIF, which is Lucid’s majority shareholder. KSA’s sovereign wealth fund said at the time it would snap up some 265.7 mn shares in a private placement for c. USD 1.8 bn. The remaining USD 1.2 bn will be raised from a public offering of 173.5 mn shares of common stock. PIF is also backing KSA’s first car brand Ceer, which is expected to add some USD 8 bn to the country’s coffers by 2034, once its USD 96 mn, 1 mn square meter EV production plant becomes fully operational.