Lucid Group Inc (NASDAQ:LCID) shares are trading higher Thursday after the company on Wednesday announced plans to set up a new manufacturing facility in Saudi Arabia.
Lucid hosted a ceremonial signing event on Wednesday which set the stage for the construction of its new facility, AMP-2, which will have an initial capacity of 155,000 electric vehicles. The agreements, which were put in place in February, are estimated to provide up to $3.4 billion in financing and incentives for Lucid over the next 15 years, helping the company build and operate the new Saudi facility.
Lucid expects the factory to help expand the company's global production capacity to 500,000 by mid-decade. The government of Saudi Arabia also reaffirmed its commitment to purchase up to 100,000 Lucid EVs over a ten-year period.
Lucid may also be moving higher with the overall markets as several stocks are rising amid a drop in Treasury yields. The U.S. 10-Year Tresury yield was hovering around 2.825% at press time.
Related Link: Lucid Sets Stage For First Overseas Manufacturing Facility With Partners In Saudi Arabia
LCID Price Action: Lucid has traded between $13.25 and $57.75 over a 52-week period.
The stock was up 13.7% at $19.74 at press time, according to data from Benzinga Pro.
Photo: courtesy of Lucid.
