Lucid Motors Inc. announced that it plans to build an assembly plant in Saudi Arabia, a country that has invited over a $1 billion USD into the company going back to 2018.
Even though Lucid has not produced or sold any car from their plant in Amazon, the news of the new plant in Saudi Arabia has investors drooling. One of it’s largest institutional investor, Churchill Capital ($CCIV) is fully aware of where the company is head and a spokesperson from the cooperation said “[Lucid Motors] expects to establish manufacturing facilities in several geographies, including Asia-Pacific, the Middle East and potentially Europe in the coming years.”
But the real questions is, can it kill Tesla and take over the electric vehicles market?
Even though Lucid has not sold any cars, it is ranked with high electric car manufacturers like Tesla by many analysts and investors. Lucid has also let investors know that by 2030, it plans to have over 500,000 vehicles produced per year.