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Lucid to start manufacturing in Saudi next month

Saudi PIF Lucid EV Aston Martin Lucid
PIF owns 60.2% of Lucid, with its investments reaching $5.4 billion since 2018

The construction of Public Investment Fund-backed Lucid Group’s manufacturing facility in Saudi Arabia is well underway, with vehicle re-assembly operations expected to commence in September 2023.

“At its peak, we expect to manufacture up to 155,000 vehicles per year at the facility,” the US electric vehicle (EV) manufacturer said in its second quarter earnings release.

Additionally, Lucid has finalised its purchase agreement with the Saudi government and initiated material shipments of vehicles to the kingdom. In April last year, the government agreed to buy up to 100,000 Lucid EVs over the next 10 years.

PIF owns 60.2 percent of Lucid, with its investments reaching $5.4 billion since 2018.

In May 2023, Lucid announced its latest capital raise of $3 billion, including a $1.8 billion investment by a PIF affiliate. The transaction was successfully closed in June.

“Our current liquidity of $6.25 billion is expected to take us through the start of production for the Lucid Gravity SUV and into 2025,” said Lucid’s CFO Sherry House.

Lucid reported revenue of $150.9 million in the second quarter of 2023 on deliveries of 1,404 vehicles. Its adjusted loss stood at 42 cents per share, wider than an estimated loss of 33 cents.

The company is on track to produce 10,000 vehicles in 2023, said CEO Peter Rawlinson, revealing production of Air Sapphire and Air Pure Rear Wheel Drive.

The EV maker slashed prices for its Air luxury sedan as part of a special offer, with the Air Pure model now selling for $82,400 to boost demand.

Lucid has 36 studios and service centres in North America, four in Europe and one in Saudi Arabia.