Saudi to purchase up to 100,000 Lucid Electric Motors

The Saudi government announced a ten-year agreement with Lucid Electric Motors to purchase a minimum of 50,000 electric vehicles and up to 100,000 electric vehicles in an effort to diversify its fleet and make it more ecologically friendly.

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“This agreement is a significant move that supports the key objectives of Vision 2030. Including diversifying and transforming the economy, society, and lives of the people of Saudi Arabia, building new sectors fit for the future, and creating skilled jobs for future generations. It also comes in alignment with the Saudi Green Initiative and the Middle East Green Initiative. The Saudi ministry of finance said in a statement.

The Saudi sovereign wealth fund, popularly known as the PIF, owns a significant share in Lucid. Which chosen “because they are developing a facility to manufacture these vehicles within the Kingdom. Which will transition over time to full manufacturing,” according to the ministry of finance.

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Saudi Arabia is partnering with Lucid to establish the country’s first electric vehicle production plant, as the government aims to have 30% of all vehicles in the capital city of Riyadh operate on electricity by 2030.

The Saudi Arabian plant, Lucid’s first outside the United States, will capable of producing up to 150,000 electric vehicles each year.

According to the ministry of finance, this factory will “help the government’s local content drive and diversify the economy. Also generate thousands of highly trained job opportunities, and provide economic benefit to the Kingdom in line with Vision 2030.”

It will also assist Saudi Arabia in realizing its goal of becoming a significant regional. Also worldwide manufacturing base for the next generation of electric vehicles. According to the statement.