The minister of investment of Saudi Arabia, Khalid Al-Falih, commented on the agreement:
With a capacity to manufacture 155,000 EV units, this world-class facility would be built through financial support and incentives up to $3.4bn over the next 15 years, backed by the government of Saudi Arabia. On 18 May, Lucid Group hosted a signing event for the construction of its first-ever international production factory in Saudi Arabia. It’s part of Saudi Vision 2030, whereby the kingdom is looking to bring active changes in transportation and technologies through sustainable measures. This marks one of the biggest-ever purchase agreements in the domain for sustainable electric vehicles. On 26 April, the EV maker reported a formal pledge undertaken by the Saudi Arabian government to purchase Lucid Air and future models, with an initial commitment to purchase 50,000 vehicles and an option for another 50,000. In alignment with growing demand for its products, Lucid Group announced an agreement with the Saudi Arabian government for 100,000 of its vehicles, delivered over a 10-year period. Lucid Group also hopes to add 2.85 million square feet to the manufacturing site to account for production of its SUV Project Gravity line-up in addition to catering to existing Lucid Air demand. It’s expected to boost the company’s capacity from 34,000 to 90,000 units per annum. Phase-2 of its Casa Grande facility operations is currently underway. Making use of vertically integrated production processes, the company manufactures its own electric motors, battery packs and transmission systems. Lucid’s core EV technology is designed in-house and manufactured at its Arizona facility. Lucid has also announced increased prices for most models beginning 1 June 2022. The company anticipates capital expenditures to reach the $2bn mark. With $5.4bn held in cash, Lucid Group believes it is adequately positioned to fund operations into 2023. The company reported $494.6m operating costs, up from $218.7m in Q1 2021. Lucid Group’s cash used in operating activities grew by 126% to account for costs associated with phase-2 of its EV production facility. Lucid Group reported a nationwide presence through 40 body shops and 24 studio and service centres spanning across North America.Īs the company scales operations, its selling general and administrative (SG&A) expenses grew 69% on the previous year – $131.7m in Q1 2021 compared to $223.2m for Q1 2022. To achieve this, it invests in its research and development initiatives, reporting $186.1m for R&D expenses for Q1 2022 – 11% higher than its outlay of $167.4 in Q1 2021.
Lucid Group has stated that it believes in concentrating efforts on increasing the miles/kWh over reducing battery costs. The Environment Protection Agency’s (EPA) estimated driving range for the Air Grand Touring of 516 miles and 1,050 horsepower (HP) means that the dual-motor EV is considered to be the most powerful electric vehicle currently available in North America. Its Air Grand Touring Performance Range was anticipated to be available for deliveries from June 2022. Lucid Group completed customer deliveries of 360 Lucid Air’s in the first quarter. Earnings per share ( EPS) came in at -$0.05 – better than analysts’ expectations of -$0.29, based on data by Seeking Alpha. Revenue for the company was reported to be $57.7m, beating analysts’ expectations of $55.56m. Lucid Group stock fundamental analysis: Q1 financial results Join us as we undertake Lucid stock analysis and get analyst insights on LCID stock price predictions. The latest Lucid stock news is that it is looking to branch out into European markets. The company remains hopeful of meeting its production targets of 12,000 to 14,000 vehicles for 2022.
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