“The effort and agility demonstrated by this team is truly astounding, as we’re already commissioning equipment compatible with the Lucid manufacturing system to start production of the next-generation EV, the Lucid Air, in just a few months,” he added.
The factory will initially have a capacity to produce up to 30,000 vehicles per year and is set to be built in four phases over the next eight years. It now stands at 999,000 square feet, but will cover 5.1 million square feet when complete in 2028 and will have the capacity to produce 400,000 cars per year.
PIF announced in September 2018 it had invested over $1 billion in Lucid Motors. “By investing in the rapidly expanding electric vehicle market, PIF is gaining exposure to long-term growth opportunities, supporting innovation and technological development, and driving revenue and sectoral diversification for the Kingdom of Saudi Arabia,” PIF said in a statement at the time.
The carmaker has also partnered with the fund to train young Saudis and give them exposure to the innovative new vehicles the company is developing.
“PIF strongly believes in actively engaging with youth to develop our Kingdom’s sustainable future. Since 2019, our internship partnership with Lucid Motors has trained the future innovators of our economy,” PIF said in a tweet on Sept. 2.
“Lucid Motors is changing the auto industry to reevaluate the potential of electric vehicles. From its headquarters in Silicon Valley, Lucid is breaking boundaries in design and reinterpreting mobility as an individual form of expression,” it added.