- Lucid Group Inc LCID has set the stage for constructing AMP-2, a production factory in Saudi Arabia with a capacity of 155,000 electric vehicles.
- The agreement is estimated to provide financing and incentives to Lucid up to $3.4 billion in aggregate over the next fifteen years to build and operate a manufacturing facility in Saudi Arabia.
- At AMP-2, Lucid plans to initially re-assemble Lucid Air vehicle kits that are pre-manufactured at its U.S. AMP-1 facility in Casa Grande, Arizona.
- Lucid noted vehicles will be initially slated for the Saudi Arabian market, with plans to export finished vehicles to other global markets.
- The government of Saudi Arabia reaffirmed its commitment to purchase up to 100,000 Lucid electric vehicles over a ten-year period.
- Price Action: LCID shares are trading lower by 1.29% at $17.62 on the last check Wednesday.
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