Saudi Arabia will now manufacture and export more than 150,000 electric cars in 2026, the minister of communications and information technology, Abdullah al-Swaha announced.

“This was a dream, and it has become a reality under the leadership of the Crown Prince,” al-Swaha said.

He noted that by 2027, one of the largest manufacturers of electric vehicles, Lucid Motors Company, plans to make 150,000 electric cars a year in Saudi Arabia.

According to Peter Rawlinson, CEO and CTO of Lucid, the EV behemoth plans to begin construction on a factory in Saudi Arabia very soon. “We intend to begin producing automobiles in 2025, and we’ll raise output in 2026 and 2027 to reach 150,000 vehicles yearly,” the executive said.

The Kingdom has been positioned among developed nations, thanks to Saudi Arabia’s investment in Lucid Motors, he added.

About 61% of the California-based electric vehicle manufacturer is owned by Saudi Arabia’s Public Investment Fund (PIF).

Saudi Arabia has committed to adopting 100% electric vehicles by 2060 and 30% in Riyadh by 2030.