Lucid Group, Inc. (NASDAQ: LCID), which is setting new standards with the world’s longest-range, fastest-charging electric car, revealed the signing of deals with the Saudi Industrial Development Fund (“SIDF”), Saudi Arabian Ministry of Investment (“MISA”), as well as the Economic City at King Abdullah Economic City (“KAEC”), laying the foundation for a full-scale production facility situated in Saudi Arabia.

Saudi Arabia’s strategic goal of transforming and diversifying its economy via the advancement of ecological energy and transportation is expected to be accelerated by the accords. The site of Lucid’s first overseas production factory in the Saudi Arabia Kingdom is anticipated to generate up to a maximum of $3.4 billion in value for Lucid within the next 15 years. Lucid will be able to meet the growing demand for its products thanks to the new facility.

“Lucid strives to be a change agent wherever we go, so it’s only natural that we’d introduce electric vehicles (EVs) to one of the world’s largest oil producers. Creating a global production footprint is a practical and natural step that allows us to expand our brand, scale our company, and address global and untapped market demand on a whole new level, all while addressing climate change by inspiring sustainable transportation “Lucid Group’s CEO and CTO, Peter Rawlinson, stated.

“We are thrilled to present the world ‘s most sophisticated electric vehicles to more international markets thanks to our great relations with the Public Investment Fund as well as our partners at KAEC, MISA, and SIDF, and we are delighted to bring the world’s most sophisticated electric vehicles to more international markets.”

Lucid looked at several options before deciding that KAEC in Saudi Arabia was the best location and potential for its first overseas manufacturing site. Lucid will control the new production plant altogether, allowing the company to fulfill growing international demand for premium electric vehicles. Lucid also does anticipate to benefit from low-cost energy and materials, as well as a newly formed domestic supply chain and a manufacturing facility that can export globally. The company also intends to be able to obtain finance for the construction and equipping of the manufacturing plant, as well as for the training of automotive personnel.

Lucid Air intends to develop activities at KAEC for the purpose of re-assembly of Lucid Air car “kits” which are pre-produced at the firm’s AMP-1 Manufacturing Facility situated in Casa Grande, Arizona, and also the production of entire cars in the future. The business aims to produce up to 150,000 automobiles each year at the KAEC site at its peak. The plant’s construction is scheduled to start during the first half of the year 2022. Lucid wants to export finished autos to other global market, featuring customized models suited to Lucid’s discerning clients in the area and beyond.

The Lucid Production System as well as other production technologies will be improved in the United States (U.S.) before being deployed at other plant sites, with AMP-1 in Arizona continuing to function as the company’s major manufacturing base. Lucid has already started the second phase of building at AMP-1, which will provide an additional 2.85 million square (sq.) feet of space, alongside plans to extend to a 365,000-vehicle annual manufacturing capacity in Arizona. When each factory meets its planned capacity, the business expects total manufacturing capacity in Arizona as well as Saudi Arabia to exceed 500,000 automobiles per year.

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