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Lucid Inks Deal for International Reassembly Plant

The company says the facility could add $3.4 billion in value to Lucid over 15 years.

On Monday, Lucid Group announced a new international manufacturing plant in Saudi Arabia.

The company says the facility could add $3.4 billion in value to Lucid over 15 years. 

At first, the plant will reassemble 150,000 vehicles per year in King Abdullah Economic City. 

Lucid Air vehicle "kits" will be pre-manufactured at the company's Casa Grande, Arizona, factory, which is now under construction

Eventually, the plant will have full vehicle manufacturing capabilities and could create several thousand high-skilled jobs in the area. 

The facility will be fully owned by Lucid and construction will begin in the first half of 2022. 

In September, Lucid surpassed Tesla  when the EPA certified the Lucid Air Dream Edition with a 520-mile range. 

However, Lucid ran into some trouble in December after it was subpoenaed by government regulators over how the company went public. 

According to the company, the Arizona factory, known as AMP-1, is in the second phase of construction, adding 2.85 million square-feet of space.

The building opened in September with an initial vehicle production capacity of 34,000 vehicles.

According to Business Insider, Saudi Arabia's Public Investment Fund (PIF) has a $26 billion stake in Lucid Motors. 

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