Lucid Group announced Monday, just prior to a small business update, that it has signed a deal for a factory in Saudi Arabia.
The initial international plant, which has been under consideration considering that early 2021, is in the King Abdullah Economic City outdoors Jeddah, is set to start out creating Lucid EVs in 2025, with a possible production of 150,000 cars per year.
Lucid did not confirm the level of anticipated monetary involvement in the venture by the Saudi Public Investment Fund, which was instrumental in supplying Lucid with the capital necessary to cross the finish line in car improvement and in establishing its Arizona assembly plant. The fund reportedly owns about 62% of Lucid.
Lucid Saudi Arabia rendering
Lucid reported that as of February 28, 2022 its production has exceeded 400 cars. It had created 125 buyer deliveries by the finish of 2021, with a lot more than 300 deliveries as of the update, even though it completed the year with a balance sheet reporting a lot more than $6.two billion money on hand.
CFO Sherry House, in an accompanying release, stated that Lucid estimates the Saudi Arabia plant may possibly outcome in up to $3.four billion of worth to Lucid more than 15 years.
The California-primarily based EV maker is only so far taking reservations for North America and the Middle East, and only for the Air, but it is now beyond 25,000 reservations—a figure up a lot more than 40% versus the a lot more than 17,000 announced in mid-November. And for 2022 it is revised its production outlook to 12,000 to 14,000 cars.
On the solution front, Lucid created official that it is delaying the launch of the upcoming Gravity SUV by a handful of months—to the initial half of 2024.
Lucid Project Gravity – from video clip throughout Air debut
“I just want to make it a greater solution,” responded Rawlinson swiftly, in a Q&A session, relating to the delay of the Gravity. “I’m super-excited about how disruptive an SUV this is going to be,” he later added.
“It’s taken a handful of a lot more twists and turns in its improvement to make it even greater than we’d anticipated,” explained Rawlinson, who hinted that Gravity would be element of a feedback loop with Air in which each merchandise will be enhanced. “And we’re going to have an ultra-higher-efficiency SUV, which no one has ever performed prior to,” he underscored.
Meanwhile, the business is nevertheless arranging for the arrival of the a lot more inexpensive $77,400 Lucid Air Pure later in 2022. And even though the Gravity has been pushed back a handful of months, to early 2024, Lucid created clear that its two.85-million-square-foot Phase two expansion to its Casa Grande, Arizona manufacturing facility is on track.
Lucid Air
With new tooling that is element of that expansion the business will be capable to hit an added annualized price of 53,000 Lucid Air sedans by the finish of 2023—bringing a total capacity of about 90,000 units per year.
Lucid also noted that it continues to discover other web-sites in China and potentially Europe.
The EV maker hasn’t encountered the sort of extreme core-technologies or semiconductor shortages that have led to production halts for some other automaker—although the executives did note difficulties with “commodity” things like finishes, glass, and carpet.
Lucid propulsion – Lucid Motors investor presentation filed with SEC, July 2021
Rawlinson has ruled out building vehicles for other automakers. Lucid is as an alternative constructing a brand about its interpretation of luxury and perfecting its efficiency-leading in-house propulsion components—all of which are intended for scaling up for millions of cars, and an asset that executives once again hinted Monday could potentially be licensed out to other automakers in the future.
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Keyword: Lucid confirms Saudi Arabia plant for 2025, “ultra-higher-efficiency” Gravity SUV for 2024