Lucid Motors (LCID) is gearing up for significant growth this year, aiming to double its production amid expanding global ambitions.
Following the launch of its first electric SUV, the Gravity, the company is set to enhance its presence in various markets, including parts of Europe and the Middle East, as confirmed by interim CEO Marc Winterhoff during the Saudi-US Investment Forum.
In the first quarter of 2023, Lucid delivered over 3,100 vehicles, marking the fifth consecutive quarter of record deliveries.
Lucid reports strong Q1 deliveries and financial position, stock rises over 15%
The company produced 2,213 units during this period at its Casa Grande facility, despite facing challenges with limited deliveries in Saudi Arabia due to a system change that has since been resolved. An additional 600 vehicles are currently in transit to Saudi Arabia, which will positively impact the next quarter’s results.
Lucid’s ambitious plans include expanding operations in Abu Dhabi, while the firm is also exploring opportunities in Qatar and other markets. The opening of a manufacturing plant in Saudi Arabia, which began assembling the Air luxury electric sedan in September 2023, signifies its commitment to regional production capabilities. Lucid is expected to commence local deliveries of Saudi-made electric vehicles in the coming year and might also begin producing EV batteries in the region through potential collaborations.
The Public Investment Fund of Saudi Arabia holds a significant 60% stake in Lucid, having invested billions as part of its initiative to diversify the economy beyond oil. Lucid aims to produce 20,000 vehicles this year, a substantial increase from the 9,000 units made in 2022. The Gravity Grand Touring model is currently available for order starting at $94,900, while a more affordable Gravity Touring version is slated for release later this year, starting at $79,900.
Financially, Lucid ended the first quarter with $5.76 billion in liquidity, forecasted to sustain operations into the second half of 2026 when the company plans to launch a more affordable midsize electric platform. Following its recent earnings report, Lucid’s stock has risen over 15%, although it remains down approximately 12% compared to last year, trading around $2.76.