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Lucid Group to build first factory outside the U.S. in Saudi Arabia

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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

U.S. electric vehicle maker Lucid Group will set up its first overseas factory in Saudi Arabia, the company has announced.

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…



Source cnbc.com

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