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Lucid Stock Soared After the Group Opened Its First Studio in the Middle East in Saudi Arabia

By: PressReach

October 26, 2022 at 18:07 PM EDT

Lucid Stock (NASDAQ:LCID)

Midway through Wednesday’s trading session, shares of Lucid Group Inc (NASDAQ:LCID), a U.S.-based electric car manufacturer, were up 0.43% after the company revealed on Tuesday that it had launched its first studio in the Middle East in Riyadh, the capital of the Kingdom of Saudi Arabia. As a result, Lucid stock surged.

Visit the Lucid Studio in Riyadh to learn about the brand and its wares firsthand. They can configure and order automobiles in-studio, submit requests online, or do both.

In a news statement, Lucid CEO and CTO Peter Rawlinson said, “I am happy this brand-new studio is poised to open here in Saudi Arabia.” This will be Lucid’s first Studio in the Middle East. As part of its Saudi Vision 2030 plan, the country “recognizes the seismic change toward car electrification, and it looks to the future to guarantee a better world for generations to come.”

Lucid stock is 61% owned by Saudi Arabia’s Public Investment Fund (PIF) thanks to a $1 billion investment in 2018. Over ten years, the Saudi Arabian government has committed to purchasing up to 100,000 Lucid cars.

The Casa Grande, Arizona, plant will be there to back up the Lucid Air shipments to the Middle East when they start up before the end of the year. After the initial production of Lucid Air car kits in the United States, the Saudi Arabian facility will begin making whole automobiles.

Featured Image- Megapixl @ Iandewarphotography

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