Launch Of The First LUCID Studio In The Middle East
Saudi Arabia's State Investment Fund (PIF) and the country's sovereign wealth fund own 61% of Lucid Group shares. In total, they have invested about a billion US dollars in the company. It is not surprising that Saudi Arabia will become one of the main deployment markets for Lucid.
Moreover, Lucid will build a plant in the country with a capacity of 155 thousand cars per year, for which it has already received benefits and financing from Saudi Arabia in the amount of 3.4 billion US dollars for the construction of a new enterprise, which will be called AMP-2.
Little by little, the Lucid strategy in Saudi Arabia is being implemented. So, the startup opened the first so-called studio located in the capital Riyadh, which, in fact, is an ordinary dealership.
The launch of our first studio in the Middle East marks another step in the realization of Lucid's mission to introduce sustainable energy on a global scale, and I am pleased that this brand new studio will open right here in Saudi Arabia.said Peter Rawlinson, CEO and CTO of Lucid
Lucid Air deliveries to the Middle East are expected to begin before the end of the year from the Casa Grande plant in Arizona. The company in Saudi Arabia will initially assemble Lucid Air using the large-node assembly method, but in the future it is expected to switch to a small-node one.
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