CCIV - Lucid Motors said to have plant commitment in Saudi Arabia

Electric vehicle startup Lucid Motors (LUCIDM) has an undisclosed commitment to build an assembly plant in Saudi Arabia, according to The Wall Street Journal.The report indicates that the "potentially costly promise" was made as part of the company accepting more than $1B in financing from the Saudi Public Investment Fund in 2018.Lucid hasn't discussed the Saudi car plant plans publicly, but at least one institutional investor was informedA Lucid Motors spokesperson said it "expects to establish manufacturing facilities in multiple geographies, including Asia-Pacific, the Middle East and potentially Europe in the coming years."Lucid SPAC acquirer Churchill Capital IV (CCIV) is down 0.25% premarket after a double-digit gain yesterday amid a strong EV rally.

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Lucid Motors said to have plant commitment in Saudi Arabia