PIF-backed Lucid targets Middle East, China expansion by mid-decade: CEO 

Middle East USA World

RIYADH: The PIF-backed US electric vehicle company, Lucid, has plans to build factories outside the US, CEO Peter Rawlinson told CNBC.

Initial deliveries of Lucid’s Air sedan “Dream Edition” began late last month, an important milestone for the company in the increasingly competitive electric vehicle market.

“Mid-decade, we plan to have plants in the Middle East and China, as well,” Rawlinson said in an interview on Mad Money.

Rawlinson’s comments come one day after Lucid reported its first quarterly results as a public company, according to CNBC.

Its market capitalization also exceeded that of Ford Motor on Tuesday as investors responded to management’s confirmation of production plans for 2022 and a sign of increased bookings for recoverable vehicles.

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