Lucid Group: Saudi Arabian factory to produce 155,000 electric vehicles per year in 2022

Lucid Group is steadily moving towards its overall goal of financial stability, with the company achieving major breakthroughs one after another. The first breakthrough occurred in February this year when the group leased a piece of land in the Industrial Valley of King Abdullah Economic City (KAEC) from Emaar EC, a Saudi joint-stock public company. The 25-year lease agreement cost $30.26 million.

Next up, in April, Lucid Group managed to secure a massive order of up to 100,000 electric vehicles from the Saudi Arabian government. The order covers the recently launched Air electric vehicle, as well as future models the company intends to launch in the coming years. Initial deliveries under the order are scheduled to begin in the second quarter of 2023, with deliveries expected to increase to between 4,000 and 7,000 vehicles per year starting in 2025.

Now, Lucid Group has now clarified that its Saudi facility will have a manufacturing capacity of 155,000 vehicles per year. Lucid Group today hosted a ceremonial signing event to commemorate the February 2022 agreement with the Ministry of Investment of Saudi Arabia (“MISA”), the Saudi Industrial Development Fund (“SIDF”), Emaar, Economic City, King Abdullah Economic City (“KAEC”), and Gulf International Bank (“GIB”) to lay the foundation for the construction of AMP-2, a world-scale Lucid production facility in Saudi Arabia with a capacity of 155,000 electric vehicles.

Saudi Arabia is providing the Lucid Group with approximately $3.2 billion in incentives over 15 years to build this facility. The project will create 4,500 new jobs at KAEC and complement the initiatives of the Kingdom’s Vision 2030. As a result of today’s development, the Lucid Group’s cumulative manufacturing capacity is now expected to reach 500,000 units per year by the “mid-decade.”

From cnBeta.COM