“Lucid” signs an agreement to establish the first factory to produce its cars in Saudi Arabia

Expect today Lucid Group for Electric VehiclesAn agreement to start the establishment of the first integrated production plant for its electric cars in Saudi Arabia.

The company aims to produce 150,000 cars annually following completing its factory in King Abdullah Economic City.

The Saudi Public Investment Fund owns a majority stake in “Lucid”, whose shares are traded on the US market.

Lucid is the American competitor to Tesla, and the Saudi Public Investment Fund has benefited from investing early in it, as it owns regarding 62% of its shares.