Lucid Sets Stage For First Overseas Manufacturing Facility With Partners In Saudi Arabia

Lucid Group Inc LCID has set the stage for constructing AMP-2, a production factory in Saudi Arabia with a capacity of 155,000 electric vehicles.
The agreement is estimated to provide financing and incentives to Lucid up to $3.4 billion in aggregate over the next fifteen years to build and operate a manufacturing facility in Saudi Arabia.
At AMP-2, Lucid plans to initially re-assemble Lucid Air vehicle kits that are pre-manufactured at its U.S. AMP-1 facility in Casa Grande, Arizona.
Lucid noted vehicles will be initially slated for the Saudi Arabian market, with plans to export finished vehicles to other global markets.
The government of Saudi Arabia reaffirmed its commitment to purchase up to 100,000 Lucid electric vehicles over a ten-year period.
Price Action: LCID shares are trading lower by 1.29% at $17.62 on the last check Wednesday.