Lucid Sets Stage For First Overseas Manufacturing Facility With Partners In Saudi Arabia

• Lucid Group Inc (NASDAQ:LCID) has set the stage for constructing AMP-2, a production factory in Saudi Arabia with a capacity of 155,000 electric vehicles. 
• The agreement is estimated to provide financing and incentives to Lucid up to $3.4 billion in aggregate over the next fifteen years to build and operate a manufacturing facility in Saudi Arabia.
• At AMP-2, Lucid plans to initially re-assemble Lucid Air vehicle kits that are pre-manufactured at its U.S. AMP-1 facility in Casa Grande, Arizona.
• Lucid noted vehicles will be initially slated for the Saudi Arabian market, with plans to export finished vehicles to other global markets.
• The government of Saudi Arabia reaffirmed its commitment to purchase up to 100,000 Lucid electric vehicles over a ten-year period.
• Price Action: LCID shares are trading lower by 1.29% at $17.62 on the last check Wednesday.