RIYADH: Lucid Motors, in which Saudi Public Investment Fund holds a major stake, rented a land for its first facility to produce electric vehicles in the Kingdom.
The company sealed a SR114 million ($30 million) deal to lease an industrial plot in King Abdullah Economic City Industrial Valley, according to the developer.
The step comes as Lucid aims “to construct and operate automotive manufacturing and assembly facility together with all ancillary services,” Emaar Economic City said in a statement to the Saudi bourse.
Financial impact from the project will roll out on the company’s financial statements during the contract duration that will run from 2022 until 2047, Emaar EC said.
Saudi Arabia’s wealth fund held a stake worth $38.6 billion in Lucid as of December 2021, up from $25.8 billion at the end of September, a US regulatory disclosure showed earlier.
The increase was a result of the rise in the value of the electric car maker’s shares.
