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Lucid Group Inc. will obtain as a lot as $3.four billion in financing and incentives over the subsequent 15 years for its deliberate manufacturing facility in Saudi Arabia, which is able to have the ability to make as many as 155,000 electrical automobiles yearly.
The main points, revealed Wednesday along with a ceremonial signing occasion, underscore the substantial scope of the challenge because the Newark, Calif.-based EV maker plots its second meeting plant.
Saudi Arabia, which owns a majority of Lucid’s shares by way of its sovereign wealth fund, not too long ago dedicated to purchase as much as 100,000 EVs from Lucid over the subsequent 10 years.
Chairman Andrew Liveris advised Bloomberg TV in January that the corporate hopes to have the manufacturing facility up and operating by 2026. It is going to be positioned within the King Abdullah Financial Metropolis, near the foremost Crimson Sea buying and selling port. Building is slated to start later this yr.
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