Lucid's Saudi Success: 800 Electric Vehicles Roll Off Production Line
Portfolio Pulse from Anan Ashraf
Lucid Group Inc (NASDAQ:LCID) has produced about 800 electric vehicles at its Saudi Arabian facility and trained over 200 local employees. The plant, which opened in September with a capacity of 5,000 EVs per year, is part of a deal to sell up to 100,000 vehicles to the Saudi government over ten years. The vehicles are assembled from semi-knockdown kits made in Arizona. Lucid, which is 60% owned by Saudi Arabia's PIF, aims to have a fully operational factory by 2026. The company reported Q3 revenue of $137.81 million with a loss of 28 cents per share and has adjusted its production target to 8,000-8,500 vehicles for the year.
December 14, 2023 | 9:22 am
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Lucid Group Inc has successfully produced 800 EVs in its Saudi Arabian plant and is training local staff, with plans to sell up to 100,000 vehicles to the Saudi government. The company reported a Q3 loss but is adjusting production targets to meet demand.
The news of Lucid's progress in Saudi Arabia and the training of local employees is positive, indicating expansion and fulfillment of the purchase agreement with the Saudi government. The adjustment of production targets suggests a realistic approach to supply chain challenges, which may be viewed favorably by investors. However, the reported Q3 loss could temper some of the positive sentiment.
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