By Sam Bridge
Saudi Arabia's Public Investment Fund last year executed a $1 billion investment in the US electric vehicle maker
Saudi-backed Lucid Motors, a rival to Tesla in the electric vehicles market, has broken ground on a new manufacturing facility in Arizona, which will be used to build the Lucid Air electric sedan.
According to the company, in which Saudi Arabia’s Public Investment Fund (PIF) last year executed a $1 billion investment, production will begin in late 2020.
The groundbreaking is the latest step taken by Lucid Motors towards getting the Lucid Air on the streets. Earlier this year, the company hired Peter Hochholdinger to head up its manufacturing operations after a two-year stint at Tesla.
Out of the $1 billion secured from Saudi Arabia’s sovereign wealth fund, over $700 million will be invested into the new factory by the mid-2020s.
“The Lucid Air is a cutting-edge electric vehicle designed, engineered, and destined for manufacture entirely in America,” said Peter Rawlinson, CEO, and CTO, Lucid Motors. “We are proud to be moving forward on our commitment to manufacturing the Lucid Air in Casa Grande. With supportive investors, an outstanding team of designers and engineers, and a product strategy that extends well beyond the Air, we expect today to be just the start of a longstanding presence in this dynamic city.”
Lucid Motor’s Casa Grande facility is said to result in approximately 4,800 direct and indirect jobs by 2029. It’s also estimated to produce $32 billion revenue impact for the city and county over 20 years, a statement said.
Lucid Motors was founded 10 years ago with a different name and mission. Then called Atieva, the company focused on electric car battery technology until 2016 when it changed its name as it shifted to producing electric vehicles.For all the latest transport news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.