Lucid Plans To Open Factories Outside US By 2025, With Eyes On Middle East, China Regions

$Lucid Group(LCID.US)$ has plans to build manufacturing facilities in the Middle East and in China by mid-decade, CNBC reported on Tuesday, citing the luxury electric carmaker’s CEO Peter Rawlinson.

What Happened: The recently-listed electric vehicle maker has a manufacturing facility in Casa Grande, Arizona, where it began production in September.The company began deliveries for the Dream Edition of Lucid Air sedan last month.Lucid reported its first financial results as a public company on Monday and said it ended the third quarter with about $4.8 billion in cash.

Lucid, which considers $Tesla(TSLA.US)$ as a fitting rival, also confirmed its 20,000 vehicle production target in 2022 but said hurdles remain for achieving those plans due to global disruptions to supply chains and logistics.