Today: March 05, 2024
Today: March 05, 2024

Lucid has assembled near 800 cars in Saudi plant, focused on training -VP

Share This
Lucid has assembled near 800 cars in Saudi plant, focused on training -VP
Reuters
Pesha Magid
December 13, 2023

By Pesha Magid

RIYADH (Reuters) - Lucid Group has assembled almost 800 cars in its Saudi Arabian factory since its opening, with its main focus on training more than 200 local employees, the EV maker's Middle East managing director said on Wednesday.

California-based Lucid opened its first plant outside the United States in September, with an initial capacity to produce 5,000 EVs a year, after the Saudi government pledged to buy up to 100,000 vehicles from it over 10 years.

"The car is fully built in Arizona ... then it gets de-assembled... then the car gets shipped here as a kit, and that kit is then put back together," Faisal Sultan, who is also Lucid's Global Vice-President, told Reuters.

Workers in the factory in Jeddah re-attach the battery, put the trim and tyres back on and re-test the vehicle, he added.

Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), which owns an over 60% stake in Lucid, invested billions in the company, as part of the government's plans to establish a hub for the EV industry.

Lucid has recorded an accumulated $9.5-billion loss as of September and posted losses every year since its started.

"It (the Saudi factory) is a small operation for us. The reason why we have kept it this way is that we want to take baby steps in our approach of training people," said Sultan.

"You are doing roughly 16, 17 to 20 vehicles a day, rather than an hour, you can spend time with them to really train them," he said.

Lucid is preparing the staff, half of whom are Saudis, for the opening of a complete build unit (CBU), a factory capable of manufacturing a car, in 2026, for which construction has begun.

The CBU's opening depends on supply chains and workforce development, Sultan said, adding: "It has to make business sense at the end of the day for us to open that factory, but construction continues."

Lucid hopes the plant would help encourage key parts suppliers to establish presence in the kingdom.

"We cannot have operations up and running and not be efficient by bringing parts from all over the world."

(Reporting by Pesha Magid; Editing by Aziz El Yaakoubi and Alexander Smith)

Popular

What you should know from the opening of China's legislature

China’s Premier Li Qiang promoted an image of confidence as he announced modest economic growth goals for the country at one of its most important political gatherings

US Navy says USS John Finn conducted routine south-to-north Taiwan Strait transit

BEIJING (Reuters) - The Arleigh-Burke guided missile class destroyer USS John Finn conducted a routine south-to-north Taiwan Strait transit on March 5, the U.S. Navy said in a statement on Tuesday.

Analysis-Chinese developers resume UK commercial property retreat

By Iain Withers and Marc Jones LONDON (Reuters) - Some big Chinese developers are set to offload more real estate in Britain to raise cash, property agents say, making the most of a slowly thawing

Blackrock sees India, Indonesia as promising for investment opportunities

JAKARTA (Reuters) - U.S. investment firm BlackRock sees India and Indonesia as two Asia-Pacific countries offering a lot of investment opportunities, its head of research for the region said on

Cryptoverse: Asian traders give bitcoin blast-off

By Jihoon Lee and Jaspreet Kalra SEOUL/MUMBAI (Reuters) - Bitcoin's runaway rally is being driven by investors in Asia.

Analysis-Boeing's Spirit Aero bid could help supply chain but is no cure-all

By Allison Lampert and Abhijith Ganapavaram (Reuters) - Boeing's possible takeover of Spirit AeroSystems, along with delaying plans to ramp up production of 737 MAX jets, could help the planemaker

Related

Thousands of Korean doctors face license suspensions as Seoul moves to prosecute strike leaders

Thousands of striking junior doctors in South Korea are facing proceedings to suspend their medical licenses Tuesday

AI pervades everyday life with almost no oversight. States scramble to catch up

Lawmakers in at least seven states are taking big legislative swings to regulate bias in artificial intelligence

Miami Beach is breaking up with spring break — or at least trying to

Miami Beach is trying to break up with spring break, but it’s not yet clear whether spring break will take the hint

Stocks skid as China's NPC disappoints, bitcoin nears record

By Kevin Buckland TOKYO (Reuters) - Chinese stocks stumbled on Tuesday, dragging Asian peers with them, as investors showed their disappointment at Beijing's plans to support the economy as its week-

- Advertisement -
Advertisement: Limited Time Offer