U.S. electric vehicle maker Lucid Group will set up its first overseas factory in Saudi Arabia, the company announced.
Javier Blas | Bloomberg | Getty Images
The manufacturing facility will be able to produce 155,000 vehicles a year, and will initially serve the local market, the luxury car maker said in a press release Wednesday. The vehicles will later be exported to global markets.
Lucid’s factory in Arizona can produce 350,000 units a year.
“That means we can accelerate plans to produce half a million cars a year from what was going to be 2030, to mid decade,” CEO…