Fri. Jan 21st, 2022

Lucid Motors chairman told Bloomberg News the EV manufacturer is in talks with the kingdom to build a factory there by 2025 or 2026.

By Bloomberg

Lucid Group Inc. intends to build an electric vehicle factory in Saudi Arabia by 2025 or 2026 and is negotiating details with ministries in the kingdom.

“Now that we have successfully manufactured and sold cars in the US, our attention is on this factory here,” Lucid chairman Andrew Liveris told Bloomberg Television on Wednesday at a mining conference in Riyadh. Details worked out include Lucid ownership percentages and partners on the project.

The manufacturer of the $ 169,000 Air sedan was in talks with Saudi Arabia’s sovereign wealth fund to build an EV plant near the Red Sea city of Jeddah, people familiar with the matter said earlier this year. The $ 360 billion public investment fund, which is already a shareholder in Lucid, will provide much of the money for the premises at King Abdullah Economic City, the people said, asking not to be named because the discussions are private . The PIF and Lucid are also considering a possible site in Neom, a new city being developed in northwestern Saudi Arabia.

Liveris, the former chairman and CEO of Dow Chemical Co., said he received one of Lucid’s cars in Florida. The Newark, California-based company’s goal for 2021 was to hand over 577 vehicles to customers – 520 limited-release units from its debut Dream Edition, and the rest a lower-spec Grand Touring version.

“We’ll have a lot more to say to the market about the kind of things we see in the supply chain,” Liveris said. “Yes, we are experiencing supply chain issues.”

Liveris, 67, declined to comment on Lucid’s revelation in December that he had received a subpoena from the U.S. Securities and Exchange Commission. The investigation relates to Lucid’s combination with Churchill Capital Corp. IV – the special purpose procurement company announced by the carmaker in July – and certain projections and statements, according to a filing.

– With the help of Ed Ludlow, Abeer Abu Omar and Matthew Martin.

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