Saudi Arabia is the main shareholder of Lucid and is now home to one of the company's plants.
Lucid late in September opened its second vehicle plant. The plant, which was first announced in early 2022, is located near Jeddah, Saudi Arabia, and builds Lucid electric vehicles both for Saudi Arabia and export.Lucid Air sedan
at a rate of 5,000 units per year, but there are plans to expand the site later this decade to handle complete production of Lucid vehicles at a rate of 150,000 units annually. Lucid's first plant in Casa Grande, Arizona, which also builds the Air sedan, is expected to have an annual capacity of 365,000 units when fully expanded.
Lucid's main shareholder is Saudi Arabia's sovereign wealth fund, known as the Public Investment Fund . Part of an investment deal by the PIF included a promise to purchase 100,000 vehicles over a 10-year period from Lucid.The country is investing in several new industries to reduce its dependence on oil, and last year also announced its own EV brand.Lucid isn't the first automaker linked with Saudi Arabia on car manufacturing.
The news comes as Lucid cuts prices on the Air in an effort to boost sales. In a recent earnings announcement, Lucid said it delivered only 1,404 units in the second quarter and expects 2023's production tally to reach just 10,000 units. The company should receive a boost with the launch of its second model,
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