- $50 million USD plus in training and salary support assistance
- 1,000 plus employees trained across USA, Europe, and Saudi Arabia
- Training to concentrate on manufacturing, sales, marketing, and engineering
RIYADH, Saudi Arabia, Oct. 25, 2022 /PRNewswire/ -- Lucid Group, Inc. (NASDAQ: LCID), setting new standards with the longest-range, fastest-charging electric car on the market, today announced the signing of a Memorandum of Understanding (MoU) with the Human Resources Development Fund (HRDF) in Saudi Arabia. The MoU will facilitate agreements between Lucid and HRDF to source Saudi talent and provide them with the appropriate skill development opportunities through training programs and on the job training.
"The agreement with HRDF will help achieve our people strategy in Saudi Arabia," said Faisal Sultan, Vice President and Managing Director of Lucid Middle East. "With the right training and skills provided, we can enrich the local talent, preparing them to fill the thousands of future job opportunities in this project. We are keen on achieving high and sustainable human capital localization in line with Vision 2030 objectives"
HRDF, which is part of the National Development Fund, will contribute 75% of the training costs and salary support for more than 1,000 employees, resulting in an estimated contribution of more than $50 million USD (SARs 187.5 million) over a 5-year period.
"This collaboration and investment from HRDF will allow Lucid to provide essential and meaningful training opportunities for Saudi nationals, many of whom may not have worked in the EV space previously, and will be instrumental in making sure we have well-trained professionals in Saudi Arabia," said Sherry House, Lucid's CFO.
As part of Vision 2030, Saudi Arabia set a goal to lower unemployment and HRDF is a leading government entity tasked to enable the private sector to achieve this goal. Turki bin Abdullah Al-Jaweni, Director General at HRDF said, "Since the launch of the national transformation agenda in 2016, Saudi Arabia has been making positive progress towards achieving our unemployment goal. Partnerships such as the one we launched today with Lucid, will help us in getting closer to the national target achieving sustainable economy and will open new quality jobs for our National talents."
The announcement of the HRDF MoU comes on the back of Lucid opening their first Studio in Saudi Arabia, located in the capital in Riyadh, at a high-profile event hosted by Peter Rawlinson, CEO and CTO of Lucid Motors, and attended by H.E. Bandar Al Khoreyf, and several other Lucid executives. Earlier in the year, Lucid announced plans for a full production factory at King Abdullah Economic City ("KAEC") in Saudi Arabia which at its peak, is expected to manufacture up to 155,000 vehicles per year. And in April 2022, Lucid announced an agreement with the Government of Saudi Arabia, under which the Government will purchase up to 100,000 vehicles over a ten-year period, with an initial commitment to purchase 50,000 vehicles and an option to purchase up to an additional 50,000 vehicles over the same period.
About Lucid Group
Lucid's mission is to inspire the adoption of sustainable energy by creating advanced technologies and the most captivating luxury electric vehicles centered around the human experience. The company's first car, Lucid Air, is a state-of-the-art luxury sedan with a California-inspired design that features luxurious full-size interior space in a mid-size exterior footprint. The Lucid Air Grand Touring features 819 horsepower and an estimated 830 kilometers of range. Customer deliveries of Lucid Air, which is produced at Lucid's factory in Casa Grande, Arizona, are currently underway to U.S. customers.
Ibrahim Anabtawi, Brunswick Group: LucidKSA@brunswickgroup.com
This communication contains trademarks, service marks, trade names and copyrights of Lucid Group, Inc. and its subsidiaries and other companies, which are the property of their respective owners.
This communication includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "estimate," "plan," "project," "forecast," "intend," "will," "shall," "expect," "anticipate," "believe," "seek," "target," "continue," "could," "may," "might," "possible," "potential," "predict" or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding plans and expectations with respect to the MoU with HDRF in Saudi Arabia, including the potential future impact and effects of the MoU, Lucid's people strategy in Saudi Arabia, Lucid's plans regarding its Riyadh studio, Lucid's plans, strategies, and expectations regarding its future manufacturing capabilities and facilities in Saudi Arabia, including future production capacity, Lucid's expectations regarding the Government of Saudi Arabia's commitment to purchase vehicles, and the promise of Lucid's technology. These statements are based on various assumptions, whether or not identified in this communication, and on the current expectations of Lucid's management. These forward-looking statements are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and may differ from these forward-looking statements. Many actual events and circumstances are beyond the control of Lucid. These forward-looking statements are subject to a number of risks and uncertainties, including those factors discussed under the heading "Risk Factors" in Part II, Item 1A of Lucid's Quarterly Report on Form 10-Q for the quarter ended June 30, 2022, as well as other documents Lucid has filed or will file with the Securities and Exchange Commission. If any of these risks materialize or Lucid's assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Lucid currently does not know or that Lucid currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Lucid's expectations, plans or forecasts of future events and views as of the date of this communication. Lucid anticipates that subsequent events and developments will cause Lucid's assessments to change. However, while Lucid may elect to update these forward-looking statements at some point in the future, Lucid specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Lucid's assessments as of any date subsequent to the date of this communication. Accordingly, undue reliance should not be placed upon the forward-looking statements.
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