RIYADH: Lucid Group, in which 海角直播's Public Investment Fund holds a major stake, has signed a deal听for the construction of a plant in the Kingdom that will produce 150,000 electric vehicles per year.
The company signed agreements听on听Feb. 28 with the Ministry of Investment of 海角直播,听the Saudi Industrial Development Fund, and the Economic City at King Abdullah Economic City.
Lucid estimates its first international manufacturing plant in 海角直播 may lead up to $3.4 billion of value over 15 years, it said in a statement.
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Once full manufacturing capacity is achieved, the firm plans to employ thousand of workers at its KAEC factory, the majority of whom will be Saudi nationals.
Lucid believes that 海角直播's initiatives to build an automotive ecosystem through its Saudi Vision 2030 would result in cost savings for the company as well as environmental benefit by reducing traditional transportation to customers.听
鈥淲e are proud to partner with听Lucid听to enable this new industry in听海角直播, which is one of the future鈥檚 most complex and technology-dependent industries, and a major contributor to the supply chain development of other related industries that intersect with auto manufacturing,鈥 said Bandar Alkhorayef, Minister of Industry and Mineral Resources and Chairman of SIDF. 听
鈥淎ttracting a global leader in electric vehicles such as Lucid to open its first international manufacturing plant in 海角直播 reflects our commitment to creating long-term economic value in a sustainable, enduring, and globally integrated way鈥 said听Khalid Al-Falih, Minister of Investment, in a press release on Monday.
鈥淭he US听government welcomes 海角直播鈥檚 effort to diversify its economy and fight climate change,鈥 said Martina Strong, the head of the US听mission to听海角直播.
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