Saudi Arabia has long been a large market for imported cars. Lucid opened its AMP-2 plant in King Abdullah Economic City, on the Red Sea coast north of Jeddah, in September 2023, and called it the country’s first car manufacturing facility. It began by assembling cars from kits shipped from the US.
The money behind it is the Public Investment Fund, the state sovereign wealth fund, which holds a controlling stake of about 57% in Lucid and a share of Aston Martin. It also owns Ceer, the national brand launched in 2022 with Foxconn, whose first cars, the Exobot sedan and SUV, are built in King Abdullah Economic City from 2027.
