Lucid planning to start EV production in Saudi Arabia
The country´s Souvereign Wealth Fund will be backing the venture.
Lucid Motors is in talks with the Saudi Arabian sovereign wealth fund to set up an electric vehicle manufacturing facility in the country, the fund's governor Yasir Al-Rumayyan told the Financial Times. The Public Investment Fund had acquired a 67% stake in the EV manufacturer for around $ 1.3 billion in 2018. Bloomberg reported earlier this month on talks to build an EV manufacturing facility near the city of Jeddah on the Red Sea. Earlier this month it was also reported that Lucid was in talks to go public through a merger with one of Michael Klein's special purpose vehicles.