By Michael Elkins
Lucid Group Inc (NASDAQ: LCID ) is moving forward with its plans build a factory in Saudi Arabia following a signing event to mark the agreements to produce electric vehicles in the country. The agreements signed are estimated to provide financing and incentives to Lucid up to $3.4B in aggregate over the next 15 years.
The company is now moving forward on construction of the AMP-2 production factory, with a targeted capacity of 155,000 electric vehicles. Vehicles will be initially slated for the Saudi Arabian market, but Lucid plans to export finished vehicles to other global markets.
Lucid’s factory in Arizona can produce 350,000 units a year. “That means we can accelerate plans to produce half a million cars a year from what was going to be 2030, to mid decade,” CEO Peter Rawlinson told CNBC’s Hadley Gamble. “And that’s really important because the planet can’t wait.”
Saudi Arabia’s minister of investment, Khalid al-Falih, said the Lucid factory is just the beginning. “I believe it unleashes the whole industry of electric vehicles here in the kingdom, our intent is not to stop with Lucid,” he told CNBC.
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