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Electric Vehicle Manufacturer Lucid Group Gearing Up for First International Plant in Saudi Arabia After Signing Agreements with Multiple Agencies
-Lucid announces long-term plan to bring advanced automotive manufacturing to Saudi Arabia to address global demand. -Lucid estimates that the location of
About this update from Lucid Group, Inc.
[{"type":"text","content":"-Lucid announces long-term plan to bring advanced automotive manufacturing to Saudi Arabia to address global demand.\n -Lucid estimates that the location of Lucid's first international manufacturing plant in Saudi Arabia may result in up to $3.4 billion of value to Lucid over 15 years.\n -New international manufacturing plant targets 150,000 vehicles per year at the King Abdullah Economic City will leverage U.S. engineering, R&D, and manufacturing expertise in assembling new models for global markets and complement Lucid's flagship manufacturing site in Arizona, USA.\n -Manufacturing facility to bring several thousand high-skilled jobs to Saudi Arabia, creating diverse job opportunities and supporting skills development for the region.\n\n\nNEWARK, Calif. and RIYADH, Saudi Arabia, Feb. 28, 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 agreements with the Ministry of Investment of Saudi Arabia (\"MISA\"), the Saudi Industrial Development Fund (\"SIDF\"), and the Economic City at King Abdullah Economic City (\"KAEC\"), as it lays the groundwork for a full production factory in Saudi Arabia. The agreements are expected to accelerate Saudi Arabia's strategic goal to transform and diversify its economy through the development of sustainable energy and transportation. Lucid estimates that the location of Lucid's first international manufacturing plant in the Kingdom of Saudi Arabia may result in up to $3.4 billion of value to Lucid over 15 years, and the facility will enable Lucid to address growing demand for Lucid's products.\n\n \n \n \n \n \n \n\n \n\"Lucid aspires to be a catalyst for change wherever we go, so it makes perfect sense that we are bringing electric vehicles to one of the world's biggest oil producing nations. Establishing a global manufacturing footprint is a practical, natural step and enables us to grow our brand, scale our business, and address worldwide and untapped market demand on an entirely new level, while also taking action to address climate change through inspiring sustainable transportation,\" said Peter Rawlinson, CEO and CTO, Lucid Group. \"Our strong relationships with the Public Investment Fund and our partners at MISA, KAEC, and SIDF also give us unique insight into the...