Lucid Motors to begin EV manufacturing in Saudi Arabia by 2024: Official

07/09/2021 Argaam

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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