Ma’aden Subsidiary to Supply Aluminum Panels to Lucid Motors
The three-year agreement was announced during the Future Minerals Forum.
Lucid Motors, the US electric car manufacturer majority-owned by Saudi Arabia's Public Investment Fund (PIF), is poised to receive aluminum panels from Ma’aden Rolling Co., a subsidiary of the Saudi Arabian Mining Co. Ma’aden.
#Maaden is helping create a cleaner future through a new agreement with luxury electric car manufacturer @LucidMotors. Under the agreement announced at the @FutureMineral Forum, Ma’aden Rolling Company will supply aluminium sheets to US-based Lucid plants. #FMF24 pic.twitter.com/rwEWKj8j1H
— MA’ADEN | معادن (@MaadenKSA) January 28, 2024
Ma’aden Rolling Co. aims to enhance its global market presence, offering tailored services and ensuring swift response times to the dynamic requirements of Lucid Motors.
The three-year agreement was announced during the Future Minerals Forum.
Lucid Motors’ Global Vice President Faisal Sultan revealed that nearly 800 cars were assembled at the facility by December 2023. The factory currently boasts an initial capacity of producing 5,000 electric vehicles annually, following the Saudi government's commitment to purchasing up to 100,000 units over the next decade.[1]
In July 2023, Saudi residents and tourists were allowed to rent Lucid electric vehicles as part of the Kingdom's sustainability initiatives, as announced by the Transport General Authority.
Ten Lucid EVs were made available for rent through Theeb Car Rental, aligning with Saudi Arabia's ambitious National Strategy for Transport and Logistics, which aims to increase the share of electric vehicle usage to 25% by the end of the decade.
Ma’aden Rolling Co. boasts an annual production capacity of 460,000 tons and currently specializes in manufacturing can sheets, end and tab stock for beverage can production, as well as auto sheets for the automotive industry.