Posted by : Aahil Shaik Thursday, May 19, 2022

We aim to manufacture 300,000 cars in Saudi Arabia annually by the year 2030 - Minister of Industry

The file of the car industry within Saudi Arabia is one of the important files that were taken under consideration by National Strategy for Industry, as it is one of the complex industries that contribute to the development of supply chains for numerous products, more than 300,000 cars annually in the Kingdom by the year 2030 confirmed the Minister of Industry and Mineral Resources, Chairman of the Board of the Directors of the Saudi Industrial Development Fund, Bandar bin Ibrahim Al-Khorayef.

During the foundation stone laying ceremony for the Lucid Company Factory in the King Abdullah City in Rabigh, Al-Khoarayef explained that Saudi Arabia aims to manufacture cars, to cover the local demand and export worldwide, highlighting that the volume of spending on cars in the Kingdom in the year 2020 reached nearly 40 billion riyals.

- He added that, the size of the Saudi market exceeds more than half a million cars annually, which represents 50% of the Gulf market, stating that the Development Fund the Saudi Industrial Company provided financing the construction of the Lucid Factory, with a value of more than 5 billion riyals. Similar : Saudi Arabi signs with Lucid company to purchase about 100,000 electric cars

- The establishment of a new manufacturing center of Lucid Company in Saudi Arabia comes in line with the directions aimed at diversifying the economy base, especially the development of the industrial sector as part of Saudi Vision 2030, and the National Industrial Development and Logistics Program. The new industry to contribute the development of value added chains to it and to other industries that intersect with it, like manufacturing batteries and their services and developing the value chains associated with them, stated the Minister of Industry and Mineral Resources.

- He highlighted that, Lucid's choice of the Kingdom as the headquarters of its first factory in the Middle East, which aims to export more than 85% of its production, confirms the Kingdom's competitiveness and its ability to exploit a number of possibilities it enjoys, in addition to the geographical location and the ability to connect with many markets.

- We look forward to working with the company and other leading companies and at the same time we continue to build our global expertise, relying on the qualitative advantages enjoyed by Saudi Arabia, starting with Qualitative capabilities in the industrial sector, the ideal infrastructure for many industries, the availability of mineral resources, including the presence of qualified human cadres said the Minister of Industry and Mineral Resources. See Also : We continuously need Expats for our future projects - Saudi Crown Prince

We aim to manufacture 300,000 cars in Saudi Arabia annually by the year 2030 -

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