From Desert Sands To Electric Dreams: Lucid Group's Groundbreaking Plant Powers Up In Saudi Arabia
Portfolio Pulse from Lekha Gupta
Lucid Group Inc (NASDAQ:LCID) has opened its first international car manufacturing facility in Saudi Arabia. The plant, which is expected to produce electric vehicles for Saudi Arabia and other markets, has an annual capacity of 5,000 cars. The facility received support from the Ministry of Investment of Saudi Arabia, the Saudi Industrial Development Fund, and the Economic City at King Abdullah Economic City. Lucid expects to employ hundreds of Saudi nationals in the first few years and boost the workforce to thousands.
September 27, 2023 | 5:19 pm
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Lucid Group's new manufacturing facility in Saudi Arabia is expected to boost the company's production capacity and potentially increase its market share in the electric vehicle sector. The move could also enhance Lucid's reputation as a global player in the EV market.
The opening of Lucid Group's manufacturing facility in Saudi Arabia is a significant development for the company. It not only increases the company's production capacity but also expands its international presence. This could potentially lead to increased sales and revenue, positively impacting the company's stock price.
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