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Lucid begins manufacturing in Saudi Arabia
Lucid's facility in Saudi Arabia has transitioned from the construction phase to manufacturing. It has begun installing and operating production equipment within its factory in King Abdullah Economic City near Jeddah. This move aims to shift operations from assembling imported vehicles to fully local production. The factory focuses on manufacturing the "Air" and "Gravity" models and, in the future, its platform for mid-sized vehicles. There is a plan to gradually increase production to 150,000 vehicles annually by 2029, with the goal of exporting most of the output to Gulf and global markets as part of Saudi Arabia’s efforts to localize the automotive industry and reduce reliance on imports. The company is backed by the Public Investment Fund and plans to achieve cash flows of $1.4 billion in 2026, with revenues increasing by 56% year-over-year to $405 million in the second quarter.
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