Lucid Motors, the US-based electric carmaker, is poised to fortify its supply chain with high-quality aluminum panels through a strategic agreement with a subsidiary of the Saudi Arabian Mining Co. (Ma’aden).
According to a post on X, Ma’aden Rolling Co. (MRC) has inked a deal with Lucid Motors, which is majority-owned by the Kingdom’s Public Investment Fund, to provide top-quality aluminum sheets with diverse specifications for its US manufacturing facilities.
This move aligns with Ma’aden’s commitment to driving the global energy transition and underscores its objective of expanding MRC’s global market presence by offering tailored services and ensuring swift response times.
The agreement, finalized during the Future Minerals Forum, is set to span a period of three years. This development follows Lucid’s significant progress in its Saudi factory, where it had assembled nearly 800 cars by December 2023. The facility, with an initial capacity of 5,000 electric vehicles annually, was established after the Kingdom’s government pledged to procure up to 100,000 units from Lucid over a decade.
In a bid to promote sustainability, Saudi Arabia announced in July 2023 that residents and tourists could rent electric vehicles from Lucid Motors. This initiative, in collaboration with Theeb Car Rental, initially offered 10 Lucid EVs for rent, aligning with Saudi Arabia’s efforts to adopt renewable energy sources and achieve net-zero emissions by 2060.
Furthermore, this move is in line with Saudi Arabia’s National Strategy for Transport and Logistics, which aims to increase the share of electric vehicle usage to 25% across the country by the end of the decade. The availability of Lucid cars for rental is anticipated to bolster the utilization of clean energy sources, promote environmental sustainability, and curtail carbon emissions.
Ma’aden Rolling Co. currently boasts a capacity of 460,000 tons per year, producing can sheets, end and tab stock for beverage can manufacturing, and auto sheets for the automotive industry. This new venture with Lucid Motors further cements its position as a key player in the global aluminum market.
The collaboration between Lucid Motors and Ma’aden Rolling Co. not only signifies a significant stride in Lucid’s supply chain resilience but also highlights the growing synergy between the automotive industry and sustainable resource management.
(Source: Arab News | Zawya)
