In accordance with the U.S. Energy Information Administration, the U.S. is the biggest oil producer in the world. Saudi Arabia is the second, however petrodollars extremely fund its financial system. That is why there may be such a scrumptious irony to the truth that Lucid can be discussing to have a plant in Saudi Arabia: one of many greatest oil producers desires to diversify its companies by producing and promoting electrical vehicles. Signal of the occasions…
Bloomberg knowledgeable that the deal is being negotiated amongst Lucid and Saudi Arabia’s sovereign wealth fund, known as Public Funding Fund (PIF). It’s already a related Lucid shareholder, and the plan can be to determine this new manufacturing unit in Jeddah, a metropolis with an vital port to the Purple Sea.
That might make the brand new manufacturing unit a incredible export platform for Lucid’s merchandise. Aside from the Air, the SUV Gravity is also produced within the new plant for Europe and Asia, for instance. One other candidate to have the plant is Neom, a new city Saudi Arabia is building – also close to the Red Sea.
Bloomberg’s sources stated the discussions are superior however that the plans might change. No matter the place such a manufacturing unit can be, it’s clear that Lucid might use one other plant to succeed in extra markets aside from the American one. Tesla’s instance with Giga Shanghai exhibits that having multiple manufacturing facility is fascinating in case you can afford that.
PIF made its investments in Lucid in 2018 with the situation that the corporate would develop “a website in Saudi Arabia.” Mockingly, the sovereign wealth fund additionally had investments in Tesla, however it offered all its shares within the firm in 2020.