Lucid Motors Looks To Greatly Benefit From Saudi Arabia’s Plan To Produce And Export 150K EVs In 2026
Plans by their controlling interest could help push Lucid Motors forward in their quest to be a power player in electric vehicles
For many years, Saudi Arabia and oil have gone together like bread and butter. However, with a recent global emphasis on moving away from the use of fossil fuels, the country that became so wealthy by supplying much of the world with its black gold, has not remained stubborn and refused to change. Instead, they have increasingly invested in electric vehicles and affiliated technology, and just recently announced plans to become a major player in the global EV market starting in 2026.
Currently, no other country produces more of the world’s consumed oil than the roughly 13.24% that comes out of Saudi Arabia. This has translated to them being the 15th most prosperous country in the world as of 2020 by Gross Domestic Product (GDP) per capita at $46,762.50. In particular, the Saudi royal family’s Public Investment Fund (PIF) has an incredible estimated $620 billion of cash and other assets.
Such significant capital has given the PIF the ability to invest heavily in what catches their interest, with electric vehicles…
