Saudi targets to manufacture more than 300,000 cars annually by 2030, according to Bandar Al-Khorayef, Minister of Industry and Mineral Resources and Chairman of Saudi Industrial Development Fund (SIDF).
Al-Khorayef, during a ceremony to lay the foundation stone of Lucid Motors at the King Abdullah Economic City in Rabigh, noted that Saudi targets manufacturing cars to cover the local demand and export to the world, stressing that the volume of expenditure on cars in Saudi in 2020 reached around 40 billion riyals.
He noted that the volume of the Saudi market exceeded more than 500,000 cars annually, which represents 50 percent of the Gulf market, pointing out that SIDF has offered funding to establish a Lucid factory with a value reaching more than 5 billion riyals.
The car industry file in Saudi is among the important files that the national strategy for the industry has considered due to the fact it is among the most complicated industries that contribute to developing the supply chains for several products.
He said that establishing a new manufacturing facility for Lucid in Saudi is in line with Saudi Arabia’s plans aiming at diversifying the economic base, especially developing the industrial sector as part of the Saudi Vision 2030 and National Industrial Development and Logistics Program (NIDLP).
The minister stressed that Lucid’s choosing of Saudi as a headquarters for its first factories in the Middle East, which seeks to export more than 85 percent of its products, highlights the competitiveness of the Kingdom and its ability to utilize its distinguished potential.
