A record.. Saudi Arabia records the highest daily death toll from...

Lucid Group Inc. has announced its intention to build an electric car factory in Saudi Arabia by 2025 or 2026, noting that it is still negotiating details with the relevant ministries in the Kingdom.

Transfer agency website Bloomberg “Now that we have succeeded in producing and selling electric cars in the United States, our attention turns to building a factory here,” Andrew Liveris, the chairman of the American company’s board of directors, said during his participation in a mining conference in Riyadh.

The details that are being discussed with the competent authorities will include the percentage of ownership of the company to Losid Group and its partners in the project.

Informed sources said earlier this year that the company was in talks with the Saudi sovereign wealth fund to build a factory for electric vehicles near the city of Jeddah on the Red Sea.

The knowledgeable people, who spoke on condition of anonymity, said that the $360 billion Public Investment Fund is already a shareholder in Lucid, and therefore this will save a lot of money that will be spent on the factory that will be established in King Abdullah Economic City.

Other sources indicated that the Public Investment Fund and Lucid might consider building the plant at another site in Neom, a new city being developed in northwest Saudi Arabia.

The New York, California-based company’s goal for 2021 was to deliver 577 vehicles to customers, of which 520 were first Dream Edition units, and the remainder was a lower-spec Grand Touring version.

“We’re going to have a lot to say to the market about the kinds of products we see in the supply chain,” Liveris said.

These were the details of the news A record.. Saudi Arabia records the highest daily death toll from... for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.

It is also worth noting that the original news has been published and is available at saudi24news and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.

NEXT Saudi deputy FM, UK minister discuss travel scheme for Saudi visitors

Author Information

I am Joshua Kelly and I focus on breaking news stories and ensuring we (“Al-KhaleejToday.NET”) offer timely reporting on some of the most recent stories released through market wires about “Services” sector. I have formerly spent over 3 years as a trader in U.S. Stock Market and is now semi-stepped down. I work on a full time basis for Al-KhaleejToday.NET specializing in quicker moving active shares with a short term view on investment opportunities and trends. Address: 838 Emily Drive Hampton, SC 29924, USA Phone: (+1) 803-887-5567 Email: [email protected]