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It pivoted to the mission and brand of Lucid Motors in 2016, but had trouble raising funds. Lucid was founded in 2007 as Atieva, a company that was more interested in supplying the budding EV market rather than manufacturing cars itself. For its part, working with Lucid helps Saudi Arabia’s goal of transforming and diversifying its economy by developing sustainable energy and transportation.īut the relationship between Lucid Motors and Saudi Arabia goes further back than this recent agreement.
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The company estimates the Saudi plant could bring in up to $3.4 billion in revenue over the next 15 years. Lucid is also building a new manufacturing facility in the Kingdom of Saudi Arabia that it expects to finish by 2025. Lucid Air production will be powered by Lucid’s manufacturing facilities in Casa Grande, Arizona, where the company’s 2.85 million-square-foot expansion is on track, bringing production capacity from its current 34,000 Lucid Airs per year to 90,000 units, says the company. The company blames supply chain issues for the setback, and expects those issues to lessen in the second half of the year. The EV company noted that production currently exceeds 400 vehicles and that 2022 should see a range of 12,000 to 14,000 Lucid Air vehicles being produced, which is down from the 20,000 units Lucid had promised during its Q3 earnings. Only 125 Airs were delivered in the fourth quarter, but to date, there have been a total of 300 - a sign that Lucid might be ramping up production and delivery. The first deliveries for the Lucid Air, which TechCrunch drove for the first time in September, began in November. Reservations and capacityĪfter announcing 17,000 reservations last November for the Lucid Air, the company’s luxury sedan that boasts a long range and the largest shudders “frunk” on the market, customer reservations topped 25,000 as of Monday, reflecting potential sales of more than $2.4 billion. Then, we’ll explore its financial results in detail. To get a proper grip on Lucid’s Q4, and full-year 2021, results we’ll start with a look at its non-earnings results, including customer reservations and the like.