Lucid Group Makes History In Saudi Arabia As It Opens Country's First-Ever Car Manufacturing Facility
Portfolio Pulse from Benzinga Newsdesk
Lucid Group has opened its first international manufacturing facility in Saudi Arabia, with the capacity to assemble 5,000 vehicles per year initially. The facility is expected to eventually produce 155,000 electric vehicles per year. This move is creating new employment opportunities and supporting the growth of the Kingdom's automotive supply chain.
September 27, 2023 | 1:06 pm
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Lucid Group's new manufacturing facility in Saudi Arabia could boost its production capacity significantly, potentially leading to increased revenues and market share in the electric vehicle sector.
The opening of a new manufacturing facility in Saudi Arabia allows Lucid Group to increase its production capacity, which could lead to increased revenues. Additionally, the strategic location in Saudi Arabia could provide Lucid with access to new markets in the Middle East, potentially increasing its market share in the electric vehicle sector.
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