The chairman of Lucid Motors told Bloomberg News that the electric car maker is in talks with Saudi Arabia to build a factory in the country by 2025 or 2026.
Lucid Group Inc. intends to build an electric vehicle factory in Saudi Arabia by 2025 or 2026 and is negotiating details with the country’s ministries.
“Now that we’re successfully making and selling cars in the U.S., our attention is turning to this plant here,” Lucid Chairman Andrew Liveris told Bloomberg Television on Wednesday at a mining conference in Riyadh. Specific details being worked out include ownership percentages for Lucid and project partners.
The maker of the $169,000 Air sedan has been in talks with Saudi Arabia’s sovereign wealth fund to build an electric car factory near the Red Sea city of Jeddah, people familiar with the matter said earlier this year. The $360 billion public investment fund, which is already a Lucid shareholder, will provide most of the funding for the King Abdullah Economic City site, said the people, who asked not to be identified because the discussions are private. PIF and Lucid also considered a possible location in Neom, a new city under development in northwestern Saudi Arabia.
Leavis, the former chairman and chief executive of Dow Chemical Co., said he had taken delivery of a Lucid car in Florida. The Newark, California-based company aims to deliver 577 vehicles to customers in 2021 — 520 of which are limited editions of its debut Dream Edition, and the rest are lower-spec Grand Touring versions.
“We’re going to say more to the market about the various things we’re seeing in the supply chain,” Liveris said. “Yes, we have supply chain issues.”
Liveris, 67, declined to comment on Lucid’s December disclosure that it received a subpoena from the SEC. The investigation involves Lucid’s merger with Churchill Capital Corp. IV — the special-purpose acquisition company that took the automaker public in July — as well as certain forecasts and statements, according to a filing.
– With assistance from Ed Ludlow, Abeer Abu Omar and Matthew Martin.