TELETRADER News
9/27, 3:24 PM
(Source: TeleTrader)
Lucid opens manufacturing plant in Saudi Arabia
Electric carmaker Lucid Group Inc. announced on Wednesday that it opened its second first international plant in Saudi Arabia, where it will make electric cars for Saudi Arabia, as well as other markets.
The company noted it got "significant support" from the country'sMinistry of Investment (MISA), the Saudi Industrial Development Fund (SIDF), and the Economic City at King Abdullah Economic City (KAEC) for its second Advanced Manufacturing Plant (AMP-2), which is expected to have an annual capacity of around 5,000 vehicles.
"Through the development of electric transportation, Lucid will support the Saudi Green Initiative's imperative to ensure 30% of new car sales in the Kingdom are electric by 2030," Lucid stated in a press release.