lucid group is steadily moving towards the overall goal of financial stability, and the company has made major breakthroughs one after another。 The first breakthrough occurred in February this year, when the group leased a piece of land located in the industrial valley of King Abdullah economic city (kaec) from Emaar EC, a Saudi joint-stock listed company. The 25 year lease cost $30.26 million.
Then in April, lucid group successfully obtained a huge order of up to 100000 electric vehicles from the Saudi Arabian government. The order relates to the recently launched air electric vehicle and the future models the company plans to launch in the next few years. The initial delivery under the order is scheduled to start in the second quarter of 2023. It is expected that the annual delivery volume will increase to between 4000 and 7000 from 2025.
Now, lucid group has clarified that its sand agent plant will have a manufacturing capacity of 155000 vehicles per year Today, lucid group hosted a ceremony to commemorate the agreement with Saudi Arabia's Ministry of investment ("MISA"), Saudi Arabia's Industrial Development Fund ("sidf"), Emaar, economic city, King Abdullah economic city ("kaec") and Gulf International Bank ("gib") in February 2022, laying the foundation for the construction of amp-2, a world-class lucid production plant with a capacity of 155000 electric vehicles in Saudi Arabia.
Saudi Arabia is offering lucid group an award of approximately $3.2 billion for 15 years to build the facility. The project will create 4500 new jobs in kaec and complement the Kingdom's vision 2030 initiative. Due to today's development, the cumulative manufacturing capacity of lucid group is now expected to reach 500000 units per year in the "middle of the decade".