US-based Lucid Motors applied to the Saudi Standards, Metrology and Quality Organization (SASO) to get a model approval certificate and the related paperwork is being finalized, Saud Al-Askar, Deputy Governor at SASO, told Al-Arabiya TV.
Lucid Motors will launch its electric vehicles (EV) in the Kingdom by 2024. The production line will get a model approval certificate when all technical requirements are fulfilled.
The Public Investment Fund (PIF) owns 67% of Lucid Motors, which was listed on Nasdaq last July at a total investment value of $1.3 billion (SAR 4.9 billion), according to data available on Argaam.
Last January, Yasir Al-Rumayyan, Governor of the PIF, said the fund was in talks with the company to build an electric vehicle factory potentially in the Kingdom.
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