Monday, June 27, 2022 / by Juan Grimaldo
Lucid Motors looks to lease more than 1,300 acres in Casa Grande
Weeks after Lucid Motors (Nasdaq: LCID) purchased 120 acres around its existing plant, newly released documents show the electric vehicle startup could be planning an even bigger expansion in Pinal County.
The Pinal County Board of Supervisors will vote Monday afternoon in a special session on a development agreement, lease and purchase agreement with Lucid USA Inc. for more than 1,300 acres around the company’s existing facility.
The proposed agreements will allow the county and Casa Grande to lease the property to Lucid Motors for an annual rent of $7.1 million for four years with the option to purchase the site, according to city documents. Casa Grande is looking to annex and rezone the property for industrial development.
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By Audrey Jensen - Reporter, Phoenix Business Journal