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American Lucid Motors was granted the permission to produce electric vehicles in Saudi Arabia

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At the same time as GlobalFoundries, Lucid Motors remains American, as the Saudi Arabian investment fund that invested about 9 billion dollars controls 60,5 % of its shares now. This is the vector of investment development that the automaker recently received the right to begin assembling electric vehicles in Saudi Arabia.

Image source: Lucid Motors.

More specifically, as reported in Electrek, we discuss the exclusive economic zone of King Abdullah, a special zone founded in April of the United States of America in order to stimulate development of different types of activities. In this case, a large Electric Vehicles Company will be located at the Red Sea, where 85% of the world trade’s revenues will pass by.

Residents of this special economic zone are entitled to pay a capitalisation of 5% for the first two decades, not to pay the capital tax when importing goods and parts that are on the territory of this zone, and not to pay value-add taxes when buying goods in the zone. There isn’t a limited benefit list.

Lucid Motors has acquired the license to construct electric vehicles in the special economic zone of Saudi Arabia. Eventually, they plan to sell up to fifty million electric vehicles annually in the territory. At first, there is a screwdriver, which is a Ford electric van assembly, produced by the state of Arizona. Construction of the plant in Saudi Arabia began in May of this year. The progress of expansion of local production hasn’t yet been specified, but production of electric vehicles will begin here next year.

Meanwhile, the home market in the U.S. isn’t doing all that well. In the last seven months of this year, the company did not need to produce more than 3 789 electric vehicles. On the street as among 26 brands in the city market, it ranks 18th with a share of less than 0.6%, yet is expected to produce 10,000 electric vehicles by the end of the year. In August, as a result of similar actions by competitors, Lucid had to reduce the price of his cars by more than 280 dollars.

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