The Crown Prince’s leadership has made this ideal into reality, according to al-Swaha.
Al-Swaha stated during a discussion of the National Industrial Strategy, which Crown Prince Mohammed bin Salman unveiled earlier this week, that “the Kingdom will manufacture and export more than 150,000 electric cars in 2026.”
Investing in Lucid Motors through Saudi Arabia, he continued, “has elevated the Kingdom to the ranks of developed nations.”
The California-based manufacturer of electric vehicles is owned to a 61 percent by the Public Investment Fund (PIF) of Saudi Arabia.
Khalid Al-Falih, Saudi Arabia’s minister of investment, said in May that the Lucid Motors plant for electric vehicles had started construction.
In April, the Saudi government said that it has ordered from Lucid between 50,000 and 100,000 electric vehicles over the following ten years.
Saudi Arabia will produce and export more than 150,000 electric cars by 2026, according to Eng. Abdullah Al-Swaha, minister of communications and information technology, who made the announcement on Wednesday.
He noted that by 2027, the US electric vehicle juggernaut Lucid Motors Company hopes to make 150,000 electric cars a year in Saudi Arabia.
The EV giant plans to start constructing a plant in Saudi Arabia very soon, according to Peter Rawlinson, CEO and CTO of Lucid. In 2025, he stated, “we intend to begin producing automobiles, and in 2026 and 2027, we will boost production to reach 150,000 automobiles yearly.”
According to Saudi Arabia’s Minister of Investment Khalid Al-Falih, Lucid Motors began building its first overseas facility for electric vehicles in May of this year. The facility will be one of three production facilities for the California-based manufacturer of electric vehicles, which is owned 61 percent by the Public Investment Fund of Saudi Arabia (PIF). In March, Lucid announced that it had reached a $30 million leasing agreement with King Abdullah Economic City developer Emaar Economic City for a piece of industrial land there.
In April, the Saudi government said that it has ordered from Lucid between 50,000 and 100,000 electric vehicles over the following ten years. A larger effort to diversify the nation’s economy away from the oil industry as part of its Vision 2030 goals includes investments in the corporation. By the turn of the decade, the plan’s audacious goal is to have at least 30% of the cars and trucks in the Saudi capital Riyadh run on electricity.
