Lucid (LCID) plans to start making vehicles in Saudi Arabia this year, Bloomberg reported Wednesday, quoting the company's interim chief executive, Marc Winterhoff.

The company, which has Saudi Arabia's sovereign wealth fund as its top shareholder, will move from assembly to full-scale manufacturing by the end of this year at a new plant near Jeddah, the report said.

Winterhoff did not provide initial estimates, but he said production would increase gradually in 2027 and 2028 before the plant is expected to be at its full capacity of 150,000 cars in 2029, according to the report.

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