Electric automaker, Lucid Group (NASDAQ: LCID ) announced Wednesday the opening of the company’s first international manufacturing plant. The facility is located in Saudi Arabia's Jeddah city and was constructed under a deal designed to help boost the Middle Eastern country's transition to EVs.
Lucid unveiled its intentions to establish a factory in Jeddah last year and revealed that the Saudi government had committed to purchasing up to 100,000 vehicles from the company within a decade.
Saudi Arabia's sovereign wealth fund, Lucid’s largest shareholder, has been entrusted with spearheading the nation's ambitious strategy to diminish its dependence on oil revenue. This initiative involves venturing into the electric vehicle sector, which is currently dominated by countries such as China and the United States.
The facility will be expanded to manufacture 155,000 units annually.
The Public Investment Fund of Saudi Arabia, which holds slightly more than a 60% stake in the electric vehicle company, made a substantial investment of $1.8 billion in May as part of Lucid's private stock offering.
Shares of LCID are up 0.56% in afternoon trading Wednesday.
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