Lucid Motors is backed by Saudi Arabia's Public Investment Fund
US-based Tesla rival Lucid Motors plans to build a factory in the kingdom, according to chief technology officer Peter Rawlinson.
Lucid Motors has raised more than $1 billion from Saudi Arabia’s Public Investment Fund, which will allow it to fund the $240m cost of building the first phase of its factory in the United States.
In an interview with Arab News, Rawlinson said he sees Lucid’s partnership with Saudi Arabia as “long-term”.
“I can see a really bright future, with a tangible manufacturing facility or facilities,” he said. “We’d love to do that…we’re currently in a period where we are investigating all these options.
“There is a vision that there will be some sort of production facility in the future,” he added.
Rawlinson said the plan is still in its “early days” but that he believes electric vehicles have strong potential in the kingdom.
“We are undertaking the appropriate studies, but I’m really excited about the potential of this,” he said. “This partnership is hue for us. We can benefit the kingdom of Saudi Arabia in a significant, meaningful and long-term manner.
“One of the great assets of the kingdom is its endless reserves of sunshine, and how that can be harvested with solar energy,” he added. “We’re a battery-storage technology company. That’s a way we could contribute. We’re exploring a number of avenues along those lines.”
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Tesla's top rival, @Lucid_Motors, plans to build a factory in #SaudiArabia. Peter Rawlinson, CTO at Lucid Motors, believes in the company's ability to help the Kingdom move towards #Vision2030 by providing career opportunities for #Saudi university students in #SiliconValley. pic.twitter.com/825i2jfrtl— SAPRAC (@SapracOrg) February 21, 2019