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INFRASTRUCTURE AND DEVELOPMENT

In Collaboration with Saudi Arabia: Lucid Motors to Set Up $700 Million Facility in Arizona

In Collaboration with Saudi Arabia: Lucid Motors to Set Up $700 Million Facility in Arizona
The Siliconreview
30 September, 2019

Lucid Motors, a luxurious Saudi-backed automotive company specializing in electric cars, is all set to break ground on a brand-new factory in Casa Grande, Arizona. The EV startup is finally able to put things in motion this year after it locked down a $1 billion funding from Saudi Arabia.

The Saudi Arabia funded factory is built in a spacious 21 million square foot land, which. The motor company will build one of its most famous electric cars – Sedan (Lucid Air), in this brand new factory. The EV startup does not own the land, the company has leased the land from Pinal County, and both the companies have signed the contract bond for the next five years.

Pinal County raised $29.94 million through bonds to buy the land, and Lucid Motors will pay $1.8 million each year in rent, before being given the opportunity to buy the land in five years.

This new factory will be having many specialties which include a grand Prix arena, a rooftop terrace for vehicle parking, a lounge with motor part collection, and many more.