- $50 million USD plus in coaching and wage help help
- 1,000 plus workers educated throughout USA, Europe, and Saudi Arabia
- Coaching to focus on manufacturing, gross sales, advertising, and engineering
RIYADH, Saudi Arabia, Oct. 25, 2022 /PRNewswire/ — Lucid Group, Inc. (NASDAQ: LCID), setting new requirements with the longest-range, fastest-charging electrical automotive in the marketplace, as we speak introduced the signing of a Memorandum of Understanding (MoU) with the Human Assets Improvement Fund (HRDF) in Saudi Arabia. The MoU will facilitate agreements between Lucid and HRDF to supply Saudi expertise and supply them with the suitable talent improvement alternatives via coaching packages and on the job coaching.
“The settlement with HRDF will assist obtain our folks technique in Saudi Arabia,” mentioned Faisal Sultan, Vice President and Managing Director of Lucid Center East. “With the proper coaching and expertise supplied, we are able to enrich the native expertise, getting ready them to fill the 1000’s of future job alternatives on this mission. We’re eager on attaining excessive and sustainable human capital localization consistent with Imaginative and prescient 2030 goals”
HRDF, which is a part of the Nationwide Improvement Fund, will contribute 75% of the coaching prices and wage help for greater than 1,000 workers, leading to an estimated contribution of greater than $50 million USD (SARs 187.5 million) over a 5-year interval.
“This collaboration and funding from HRDF will permit Lucid to supply important and significant coaching alternatives for Saudi nationals, a lot of whom might not have labored within the EV house beforehand, and can be instrumental in ensuring we’ve well-trained professionals in Saudi Arabia,” mentioned Sherry Home, Lucid’s CFO.
As a part of Imaginative and prescient 2030, Saudi Arabia set a purpose to decrease unemployment and HRDF is a number one authorities entity tasked to allow the non-public sector to realize this purpose. Turki bin Abdullah Al-Jaweni, Director Basic at HRDF mentioned, “Because the launch of the nationwide transformation agenda in 2016, Saudi Arabia has been making optimistic progress in the direction of attaining our unemployment purpose. Partnerships such because the one we launched as we speak with Lucid, will assist us in getting nearer to the nationwide goal attaining sustainable financial system and can open new high quality jobs for our Nationwide skills.”
The announcement of the HRDF MoU comes on the again of Lucid opening their first Studio in Saudi Arabia, situated within the capital in Riyadh, at a high-profile occasion hosted by Peter Rawlinson, CEO and CTO of Lucid Motors, and attended by H.E. Bandar Al Khoreyf, and a number of other different Lucid executives. Earlier within the yr, Lucid introduced plans for a full manufacturing manufacturing facility at King Abdullah Financial Metropolis (“KAEC”) in Saudi Arabia which at its peak, is anticipated to fabricate as much as 155,000 automobiles per yr. And in April 2022, Lucid introduced an settlement with the Authorities of Saudi Arabia, underneath which the Authorities will buy as much as 100,000 automobiles over a ten-year interval, with an preliminary dedication to buy 50,000 automobiles and an choice to buy as much as an extra 50,000 automobiles over the identical interval.
About Lucid Group
Lucid’s mission is to encourage the adoption of sustainable vitality by creating superior applied sciences and essentially the most fascinating luxurious electrical automobiles centered across the human expertise. The corporate’s first automotive, Lucid Air, is a state-of-the-art luxurious sedan with a California-inspired design that options luxurious full-size inside house in a mid-size exterior footprint. The Lucid Air Grand Touring options 819 horsepower and an estimated 830 kilometers of vary. Buyer deliveries of Lucid Air, which is produced at Lucid’s manufacturing facility in Casa Grande, Arizona, are at the moment underway to U.S. prospects.
Worldwide: [email protected]
Ibrahim Anabtawi, Brunswick Group: [email protected]
This communication accommodates logos, service marks, commerce names and copyrights of Lucid Group, Inc. and its subsidiaries and different corporations, that are the property of their respective homeowners.
This communication consists of “forward-looking statements” inside the that means of the “protected harbor” provisions of the US Personal Securities Litigation Reform Act of 1995. Ahead-looking statements could also be recognized by way of phrases reminiscent of “estimate,” “plan,” “mission,” “forecast,” “intend,” “will,” “shall,” “anticipate,” “anticipate,” “imagine,” “search,” “goal,” “proceed,” “might,” “might,” “may,” “attainable,” “potential,” “predict” or different comparable expressions that predict or point out future occasions or developments or that aren’t statements of historic issues. These forward-looking statements embrace, however are usually not restricted to, statements concerning plans and expectations with respect to the MoU with HDRF in Saudi Arabia, together with the potential future influence and results of the MoU, Lucid’s folks technique in Saudi Arabia, Lucid’s plans concerning its Riyadh studio, Lucid’s plans, methods, and expectations concerning its future manufacturing capabilities and services in Saudi Arabia, together with future manufacturing capability, Lucid’s expectations concerning the Authorities of Saudi Arabia’s dedication to buy automobiles, and the promise of Lucid’s expertise. These statements are primarily based on varied assumptions, whether or not or not recognized on this communication, and on the present expectations of Lucid’s administration. These forward-looking statements are usually not supposed to serve as, and should not be relied on by any investor as, a assure, an assurance, or a definitive assertion of reality or chance. Precise occasions and circumstances are tough or not possible to foretell and will differ from these forward-looking statements. Many precise occasions and circumstances are past the management of Lucid. These forward-looking statements are topic to various dangers and uncertainties, together with these components mentioned underneath the heading “Danger Elements” in Half II, Merchandise 1A of Lucid’s Quarterly Report on Type 10-Q for the quarter ended June 30, 2022, in addition to different paperwork Lucid has filed or will file with the Securities and Change Fee. If any of those dangers materialize or Lucid’s assumptions show incorrect, precise outcomes might differ materially from the outcomes implied by these forward-looking statements. There could also be further dangers that Lucid at the moment doesn’t know or that Lucid at the moment believes are immaterial that might additionally trigger precise outcomes to vary from these contained within the forward-looking statements. As well as, forward-looking statements replicate Lucid’s expectations, plans or forecasts of future occasions and views as of the date of this communication. Lucid anticipates that subsequent occasions and developments will trigger Lucid’s assessments to alter. Nevertheless, whereas Lucid might elect to replace these forward-looking statements sooner or later sooner or later, Lucid particularly disclaims any obligation to take action. These forward-looking statements shouldn’t be relied upon as representing Lucid’s assessments as of any date subsequent to the date of this communication. Accordingly, undue reliance shouldn’t be positioned upon the forward-looking statements.
SOURCE Lucid Group