Lucid Signs Deal for Saudi EV Plant, First Outside the U.S.
- Electric vehicle maker signs for site in Saudi west coast
- Saudi Arabia aims to develop a hub manufacturing autos
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Luxury electric vehicle maker Lucid Group Inc. signed a deal to open a manufacturing plant in Saudi Arabia’s west coast, the company’s first site outside the U.S.
Lucid signed a $30 million lease agreement with Emaar Economic City for an industrial plot in King Abdullah Economic City outside Jeddah, according to a statement. The 25-year lease will allow Lucid “to construct and operate automotive manufacturing and assembly facility together with all ancillary services,” Emaar Economic said.