Lucid Group Opens First Studio In Middle East - Lucid Gr (NASDAQ:LCID)

Lucid Group Inc LCID has opened its first Studio in the Middle East, located in Riyadh, Saudi Arabia.
The retail space will invite customers to experience the brand and its products in the heart of Riyadh's Al Nakheel District.
Earlier in 2022, Lucid announced plans for a full production factory at King Abdullah Economic City (KAEC) in Saudi Arabia.
At its peak, the company expects to manufacture up to 155,000 vehicles per year at the KAEC facility.
In April 2022, Lucid announced an agreement with the Government of Saudi Arabia, under which the Government will purchase up to 100,000 vehicles over ten years.
The company has promoted Faisal Sultan to Vice President and Managing Director of Lucid Middle East, reporting directly to Peter Rawlinson, Lucid's CEO and CTO.
Sultan joined Lucid in 2019 and has guided the factory construction contract in Saudi Arabia.
"The launch of our first Studio in the Middle East marks yet another step towards Lucid's mission to inspire the adoption of sustainable energy on a global scale, and I'm delighted this brand-new studio is set to open here in Saudi Arabia," said Rawlinson.
Price Action: LCID shares are trading lower by 2.03% at $13.04 in premarket on the last check Monday.