Business
Lucid Advances Global Sustainability Vision, Announcing New Details for First Overseas Manufacturing Facility with Partners in Saudi Arabia
Lucid's new factory to bring advanced electric vehicle manufacturing to Saudi Arabia for the first time with a local capacity of 155,000 units New Saudi
About this update from Lucid Group, Inc.
[{"type":"text","content":"Lucid's new factory to bring advanced electric vehicle manufacturing to Saudi Arabia for the first time with a local capacity of 155,000 units New Saudi factory expected to address growing global demand for Lucid electric vehicles by increasing Lucid's global production capacity mid-decade to 500,000 EVs per year Helps catalyze the transformation of Saudi Arabia's economy through Saudi Vision 2030 and the Saudi Green InitiativeSigning ceremony celebrates agreements estimated to provide financing and incentives to Lucid of up to $3.4 billion in aggregate over the next 15 yearsGovernment of Saudi Arabia reaffirms commitment to purchase up to 100,000 Lucid electric vehicles over a ten-year periodRIYADH, Saudi Arabia, May 18, 2022 /PRNewswire/ -- Lucid Group, Inc. (NASDAQ: LCID), setting new standards with the longest-range, fastest-charging electric car on the market with the award-winning Lucid Air, today hosted a ceremonial signing event to mark the February 2022 agreements with the Ministry of Investment of Saudi Arabia (\"MISA\"), the Saudi Industrial Development Fund (\"SIDF\"), Emaar, The Economic City, at King Abdullah Economic City (\"KAEC\") and Gulf International Bank (\"GIB\") that sets the stage for the construction of AMP-2, a world-class Lucid production factory in Saudi Arabia with a capacity of 155,000 electric vehicles.\n\n \n \n \n \n \n \n\n \nThe agreements celebrated today are estimated to provide financing and incentives to Lucid up to $3.4 billion in aggregate over the next 15 years to build and operate a manufacturing facility in Saudi Arabia.\n\"This signing ceremony marks yet another step forward in the realization of Lucid's mission to inspire the adoption of sustainable energy, and I'm delighted this brand-new manufacturing facility will come to fruition here in Saudi Arabia,\" said Peter Rawlinson, Lucid's CEO and CTO. \"I am truly delighted to partner with PIF, our signing partners, and the Government of Saudi Arabia in advancing our shared vision of global sustainability.\"\nRawlinson added: \"We are thrilled to be supporting Saudi Arabia in achieving its sustainability goals and net-zero ambitions, as outlined in Saudi Vision 2030 and the Saudi Green Initiative, by taking steps to help diversify Saudi Arabia's economy through the establishment of manufacturing capacity in KAEC for up to 155,000 of Lu...