Lucid Secures Operating License To Begin EV Production In Saudi Arabia
Portfolio Pulse from Anan Ashraf
Lucid Group Inc. (NASDAQ:LCID) has received an operating license to start car production in Saudi Arabia's Special Economic Zone of King Abdullah Economic City. The company plans to start deliveries from the initial facility in the third quarter. Lucid has a purchase agreement with the Saudi government to sell up to 100,000 vehicles over the next 10 years, including vehicles built and assembled at the company’s existing Arizona factory.
September 23, 2023 | 8:44 am
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Lucid Group's receipt of an operating license to start car production in Saudi Arabia could potentially boost its revenues and profitability in the short term.
The operating license allows Lucid Group to start car production in Saudi Arabia, a market where it has a purchase agreement to sell up to 100,000 vehicles over the next 10 years. This could potentially increase the company's revenues and profitability in the short term.
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