Lucid Group, Inc. LCID shares are trading higher Wednesday. The company announced that it has officially opened its new EV manufacturing facility in Saudi Arabia.
The Details:
The new facility is Lucid's second Advanced Manufacturing Plant (AMP-2) and first international plant. The AMP-2 plant has begun semi knocked-down (SKD) assembly of the Lucid Air model vehicles and is expected to have an annual production capacity of 5,000 cars.
Lucid added that its AMP-2 manufacturing plant received significant support from the Ministry of Investment of Saudi Arabia (MISA), the Saudi Industrial Development Fund (SIDF), and the Economic City at King Abdullah Economic City (KAEC) and will produce Lucid's electric vehicles for customers in Saudi Arabia as well as other markets.
Peter Rawlinson, CEO and CTO of Lucid Group, stated, "We are delighted to make history today in Saudi Arabia by opening the country's first car manufacturing facility, which will produce our award-winning electric vehicles and support the country's vision for a more sustainable and diversified economy."
"We look forward to delivering Saudi-assembled cars to customers in Saudi Arabia and beyond."
Lucid Group shares have significant short interest with 17.41% of LCID shares being sold short, according to data from Benzinga Pro.
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LCID Price Action: According to Benzinga Pro, shares are up 1.5% at $5.39 at the time of publication.
Image: Courtesy of Lucid Group, Inc.
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