Lucid Group rallies after opening its first international manufacturing plant in Saudi Arabia
xavierarnau
Lucid Group (NASDAQ:LCID) announced on Wednesday that it opened the company's first-ever car manufacturing facility in Saudi Arabia.
The automaker's first international plant facility will produce Lucid's (LCID) electric vehicles for Saudi Arabia and export to other markets.
The AMP-2 facility received significant support from the Ministry of Investment of Saudi Arabia, the Saudi Industrial Development Fund, and the Economic City at King Abdullah Economic City and is expected to play a pivotal role in accelerating Saudi Arabia's strategic goal to diversify its economy. Through the development of electric transportation, Lucid (LCID) expects to support the Saudi Green Initiative's imperative to ensure 30% of new car sales in the Kingdom are electric by 2030.
The AMP-2 facility has begun semi knocked-down assembly and is expected to have an annual capacity of 5K vehicles. The initial operation re-assembles Lucid Air vehicle 'kits' that are pre-manufactured at the company's U.S. AMP-1 Manufacturing Facility in Casa Grande, Arizona. Lucid (LCID) aims to transition AMP-2 to complete build unit production after the middle of the decade, with an additional annual capacity of 150K vehicles.
"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," said Lucid Group CEO Peter Rawlinson.
"As Saudi charges toward its Vision 2030, our facility will pave the way for the country's electric automotive industry and the expansion of the supply chain, and with the support of the Saudi Government... We look forward to delivering Saudi-assembled cars to customers in Saudi Arabia and beyond."
Shares of Lucid Group (LCID) moved 4.95% higher in premarket action on Wednesday.

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