Lucid Group introduced its second-quarter monetary outcomes yesterday and supplied some updates on its plans throughout the earnings name. 

The EV startup’s CEO, Peter Rawlinson, mentioned the corporate’s first abroad plant in Saudi Arabia is predicted to start out restricted manufacturing of Lucid Air EVs in September.

Development on the AMP-2 plant positioned in King Abdullah Financial Metropolis solely began a yr in the past and the power remains to be beneath building, however Rawlinson mentioned Lucid will begin sending partially assembled automobiles from the US to the Saudi Arabia facility that can end the manufacturing course of.

The brand new plant will obtain all of the elements of the Lucid Air from the AMP-1 manufacturing unit in Casa Grande, Arizona, and can assemble the automobiles domestically, the chief mentioned based on Automotive Information.

“Development of Lucid’s new manufacturing facility in Saudi Arabia is effectively underway, with automobile re-assembly operations anticipated to begin in September 2023. At its peak, we anticipate to fabricate as much as 155,000 automobiles per yr on the facility.”

Lucid Q2 2023 earnings name presentation

Thoughts you, when the Saudi Arabia plant was first introduced in March 2022, Lucid mentioned it will be totally accomplished in 2025.

Rendering of Lucid Group’s future AMP-2 manufacturing facility in Saudi Arabia

Throughout the earnings name, Rawlinson additionally revealed that Lucid finalized the acquisition settlement with the Authorities of Saudi Arabia. The primary Lucid Air deliveries to the federal government look set to happen earlier than the tip of the yr.

“We’re on observe to execute on deliveries beneath the acquisition settlement with the federal government of Saudi Arabia, and to date I am happy with shopper and authorities demand.”

The deal for 50,000 automobiles with the choice to buy a further 50,000 was first introduced in April 2022. 

The Saudi Arabian authorities by its Public Funding Fund (PIF) is Lucid Group’s majority stakeholder with 60.5 % of shares. 

The nation’s sovereign wealth fund elevated its stake in Lucid just lately by an fairness providing that introduced the EV startup a complete of $3 billion – $1.8 billion of which got here from PIF affiliate Ayar Third Funding Firm.

Lucid opened its first retailer within the Center East in Saudi Arabia’s capital Riyadh in October 2022 and began delivering US-built Air EVs to clients within the nation in June 2023.