Lucid Group has opened Saudi Arabia’s first-ever car manufacturing facility, marking a significant milestone in the country’s industrial landscape. Located in King Abdullah Economic City (KAEC), Jeddah, the Advanced Manufacturing Plant (AMP-2) is Lucid’s first international facility and second overall. It will produce the Lucid Air, the company’s award-winning electric vehicle (EV). The plant has […]
Saudi Arabia is in early-stage discussions with Tesla about the possibility of setting up a manufacturing facility in the kingdom, according to people familiar with the matter, reports the Wall Street Journal. The talks are part of Saudi Arabia’s broader strategy to diversify its economy away from oil and secure essential metals for electric vehicles […]
Lucid Motors saw its stock price jump by as much as 98% on Friday, closing at $12.87 per share (up 43%), as rumors of Saudi Arabia’s Public Investment Fund (PIF) considering a full takeover of the luxury electric automaker made the rounds — reports the Silicon Valley Business Journal. The news represents a breath of […]
Lucid Motors announced a deal with the Government of Saudi Arabia for the sale of 100,000 EVs, as detailed on Tuesday in a press release. The sale of the vehicles will take place over a ten-year period, with an initial commitment starting with the first 50,000 vehicles, then followed by the rest. Saudi Arabia’s government […]
After a judge ruled Tesla CEO Elon Musk’s 2018 tweet saying he had “funding secured” to take Tesla private was false, a new court filing shows some of Musk’s messages around the time of the tweet. A 300-page motion filed on Friday as a part of the lawsuit shows a text message thread between Musk […]
California electric vehicle (EV) startup Lucid Motors is currently in talks with Saudi Arabia’s sovereign wealth fund about building an EV factory in the kingdom, according to a Financial Times interview with Yasir Al-Runayyan, the fund’s governor (via Bloomberg). The factory could be built near the Red Sea city of Jeddah, according to earlier reports […]