REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsSept 27 (Reuters) - Electric-vehicle maker Lucid Group (LCID.O) said on Wednesday it had opened its first international manufacturing plant in Saudi Arabia's Jeddah city, under a deal designed to further the Middle Eastern country's electrification push.
Lucid announced plans for the Jeddah factory last year and said the kingdom had signed an agreement to buy up to 100,000 vehicles from the company over 10 years.
In 2022, the kingdom launched its first EV brand Ceer and announced $6 billion in investments for a steel plate mill complex and an EV battery metals plant.
Industry leader Tesla (TSLA.O) is also reportedly in early discussions to set up a manufacturing plant in Saudi Arabia.
Lucid's other manufacturing plant is in Arizona, United States.
Persons:
Andrew Kelly, Lucid, Tesla, Yuvraj Malik, Devika
Organizations:
Nasdaq, Lucid Motors, Churchill Capital Corp, REUTERS, Industry, King Abdullah Economic City, Saudi's Public Investment Fund, EV, Thomson
Locations:
New York City , New York, U.S, Saudi Arabia's Jeddah, Jeddah, China, United States, Saudi Arabia, King Abdullah, Arizona, Bengaluru