Electric-Car Maker To Invest $1 Billion In Arizona Plant

A $1 billion investment from Saudi Arabia will go towards an electric-car maker’s plans for a factory outside of Phoenix. Lucid Motors announced the investment on Monday.

The factory will be located in Casa Grande and costing $700 in total, will manufacture the Air vehicle. Up to 130,000 vehicles will be produced each year by 2022.

“The company plans to use the funding to complete engineering development and testing of the Lucid Air, construct its factory in Arizona, enter production for the Lucid Air to begin the global rollout of the company’s retail strategy starting in North America,” the Saudi Public Investment Fund said in a statement.

Arizona Governor Doug Ducey referred to the deal as a “major win for Pinal County.”

The line is scheduled for a 2020 launch by the company.

Deposits are already being made on the car model, which will have a range that surpasses 400 miles and will be priced at $52,500. Upgraded versions of the vehicle could be sold for as much as $100,000.

Lucid Chief Technology Officer Peter Rawlinson announced in April 2017 that the company had raised $131 million for the plant and were in search for additional funding for the project.

The plant will be a three-phase product, with the facility expected to produce approximately 10,000 cars the first year after the first phase is completed.

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