The Saudi sovereign wealth fund, also known as the PIF, owns a considerable stake in Lucid, which has been selected, according to the ministry of finance, “as they are building a factory to assemble these vehicles within the Kingdom, which will transition over time to full production.”

Saudi Arabia is setting up its first electric vehicle manufacturing plant in the country with Lucid as the government plans to ensure 30 percent of all vehicles in the capital city Riyadh run on electricity by 2030.

The plant — ithe first for Lucid outside the US in Saudi Arabia —  will have a capacity to produce up to 150,000 electric vehicles every year.

The ministry of finance said in the statement that this plant will support “the government’s local content drive, diversify the economy, provide thousands of highly skilled job opportunities and provide economic benefit to the Kingdom in line with Vision 2030.” 

It will also help Saudi Arabia realize its ambition to be a major regional and global manufacturing base for the next generation of electric vehicles, the statement added.

“Saudi Arabia is placing this order now, as demand for electric vehicles is high, many other governments are considering taking orders. This also provides Saudi Arabia with the opportunity to work with Lucid on the development of new models and vehicles to suit the government’s vehicular needs.”