Lucid Group introduced its second-quarter monetary outcomes yesterday and offered some updates on its plans through the earnings name.
The EV startup’s CEO, Peter Rawlinson, mentioned the corporate’s first abroad plant in Saudi Arabia is predicted to start out restricted manufacturing of Lucid Air EVs in September.
Building on the AMP-2 plant situated in King Abdullah Financial Metropolis solely began a yr in the past and the ability remains to be below building, however Rawlinson mentioned Lucid will begin sending partially assembled automobiles from the US to the Saudi Arabia facility that may end the manufacturing course of.
The brand new plant will obtain all of the elements of the Lucid Air from the AMP-1 manufacturing facility in Casa Grande, Arizona, and can assemble the automobiles regionally, the chief mentioned in accordance with Automotive Information.
“Building of Lucid’s new manufacturing facility in Saudi Arabia is properly underway, with automobile re-assembly operations anticipated to start in September 2023. At its peak, we anticipate to fabricate as much as 155,000 automobiles per yr on the facility.”
Lucid Q2 2023 earnings name presentation
Thoughts you, when the Saudi Arabia plant was first introduced in March 2022, Lucid mentioned it will be totally accomplished in 2025.
Rendering of Lucid Group’s future AMP-2 manufacturing facility in Saudi Arabia
Through the earnings name, Rawlinson additionally revealed that Lucid finalized the acquisition settlement with the Authorities of Saudi Arabia. The primary Lucid Air deliveries to the federal government look set to happen earlier than the tip of the yr.
“We’re on monitor to execute on deliveries below the acquisition settlement with the federal government of Saudi Arabia, and so far I am happy with client and authorities demand.”
The deal for 50,000 automobiles with the choice to buy a further 50,000 was first introduced in April 2022.
The Saudi Arabian authorities by way of its Public Funding Fund (PIF) is Lucid Group’s majority stakeholder with 60.5 % of shares.
The nation’s sovereign wealth fund elevated its stake in Lucid not too long ago by way of an fairness providing that introduced the EV startup a complete of $3 billion – $1.8 billion of which got here from PIF affiliate Ayar Third Funding Firm.
Lucid opened its first retailer within the Center East in Saudi Arabia’s capital Riyadh in October 2022 and began delivering US-built Air EVs to clients within the nation in June 2023.