Luxury electric vehicle maker Lucid Group has signed a deal to open a manufacturing plant in Saudi Arabia's west coast, the company's first site outside the US. Lucid signed a $30 million lease agreement with Emaar Economic City for an industrial plot in King Abdullah Economic City outside Jeddah, according to a statement. The 25-year lease will allow Lucid "to construct and operate automotive manufacturing and assembly facility together with all ancillary services," Emaar Economic said. Chairman Andrew Liveris, who is also a board member at Saudi Aramco, told Bloomberg TV in January that Lucid would build an electric vehicle factory in Saudi Arabia by 2026. The company, which makes the $169,000 Air sedan, counts the kingdom's sovereign wealth fund as one of its largest investors with a stake of about 62%. The Newark, California-based company's goal for 2021 was to hand over 577 vehicles to customers – 520 limited-release units of its debut Dream Edition, and the rest a lower-spec Grand Touring version. – Agencies
