Lucid signs deal to build EV factory in Saudi Arabia that comes with $3.4 billion in incentives

In February Lucid Group announced plans to build its second manufacturing facility in Saudi Arabia. The luxury EV maker made it official at a ceremonial signing event today in Saudi Arabia, providing more details about the factory and part of the reason why it agreed to build it in the Middle Eastern country.

According to Lucid, the factory known as AMP-2 will have a production capacity of up to 155,000 vehicles per year. Construction is expected to start soon, but the company did not provide an estimated opening date.

When it does it will initially produce cars that are pre-manufactured at their AMP-1 facility in Casa Grande, Arizona, before eventually producing complete vehicles entirely. Lucid did not provide a timeline for when that transition will take place.

All of the cars built at AMP-2 will initially be slated for the Saudi Arabian market, before beginning exports to other markets.

Upon completion the factory is expected to increase Lucid’s global production capacity to 500,000 EVs per year by the middle of the decade.

The automaker also announced it will receive $3.4 billion in financing and incentives over the next 15 years to build and operate the factory in the Kingdom.

That does not include a deal with the Ministry of Finance of the Government of Saudi Arabia announced last month that will see up to 100,000 Lucid Air sedans delivered to the government over a 10 year period.

Government of Saudi Arabia commits to buying up to 100,000 Lucid EVs

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