Lucid Group moves forward with production plans for Saudi Arabia
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Lucid Group (NASDAQ:LCID) held a signing event to mark the agreements to produce electric vehicles in Saudi Arabia.
The agreements signed are estimated to provide financing and incentives to Lucid up to $3.4B in aggregate over the next 15 years to help the electric vehicle maker build and operate a manufacturing facility in Saudi Arabia.

The company is now moving forward on construction of the AMP-2 production factory in Saudi Arabia with a targeted capacity of 155,000 electric vehicles.
At AMP-2, Lucid plans to establish operations initially for re-assembly of Lucid Air vehicle "kits" that are pre-manufactured at the company's U.S. AMP-1 facility in Casa Grande, Arizona, and, over time, for production of complete vehicles.
Vehicles will be initially slated for the Saudi Arabian market, but Lucid plans to export finished vehicles to other global markets. In addition, Middle East regional deliveries of the Lucid Air are expected to begin later this year, supported from the Casa Grande factory in Arizona.
Shares of Lucid Group (LCID) fell 0.52% premarket to $17.26 vs. the 52-week trading range of $13.25 to $57.75.