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picked Saudi Arabia for its first overseas factory, the company said this week.

The EV manufacturer鈥檚 new production facility will be able to make 155,000 vehicles a year. The Saudi Arabia factory will be in addition to Lucid鈥檚 factory in Arizona, which has a production capacity of 350,000 vehicles per year,

Lucid Motors was founded in 2007 and went public through a SPAC deal last year. The company raised money from investors including and the .

was among the largest investors in Lucid, leading a $1 billion funding round in September 2018, according to Crunchbase.

Lucid had goals to deliver 20,000 vehicles to customers in 2022, although it鈥檚 unclear where the company鈥檚 at with that goal. CEO told CNBC that the addition of the new factory in Saudi Arabia will speed up the company鈥檚 plan to produce 500,000 vehicles per year from 2030 to mid-decade.

The company was among a number of EV-related companies to go public last year, including (the largest IPO of the year) and . There鈥檚 been an increased focus鈥揳nd funding鈥搊n EV companies as climate change concerns and policy mandates incentivized the transition to EV.聽

Along with newer players like Lucid Motors joining the market, legacy automakers like and have announced plans to double down on EV.

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