Lucid announced plans to build a production facility in Saudi Arabia in February. Today, Lucid held a ceremonial signing ceremony in Saudi Arabia regarding the construction of a production facility known as AMP-2.
The AMP-2 is targeted to have a production capacity of up to 155,000 vehicles per year. Construction on the AMP-2 will begin soon, although the company has not provided an estimated opening date.
All cars made on the AMP-2 will be destined for the Saudi Arabian market, before starting exports to other markets. The AMP-2 is expected to increase Lucid’s global production capacity to 500,000 EVs per year by the middle of this decade.
Lucid will receive $3.4 billion in financing and incentives over the next 15 years for its planned plant in Saudi Arabia.
Saudi Arabia, which owns a majority stake in Lucid through its sovereign wealth fund, recently committed to buying up to 100,000 electric vehicles from Lucid over the next 10 years.