Lucid Group’s (LCID) EV Factory in Saudi Arabia Will Go Live Next Month as a Price War With Tesla Looms

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Lucid Group shares are barely in the green so far this year after sustaining a ruthless pummeling in 2022. Even as the business engages in a rate war with Tesla amid an uncertain competitive landscape, an unusual bit of good news has simply originated from Saudi Arabia.

As per the reporting by the Arabic publication Maal, Lucid Group’s assembly plant within the confines of its massive AMP-2 center in Jeddah’s King Abdullah Economic City(KAEC)will go reside in September 2023. The company will deliver all pertinent parts for the Air EV from its AMP-1 center in Arizona, with the last assembly happening in Jeddah. Lucid Group plans to increase the yearly production capability of its AMP-2 center to 150,000 units by 2026. The Kingdom has currently granted incentives of around $3 billion to Lucid Group to establish its AMP-2 facility in KAEC. The Saudis have actually likewise signed an agreement to buy up to 100,000 electrical lorries from the business over the next ten years. In Q2 2023, Lucid Group produced 2,173 cars at its manufacturing facility in Arizona and delivered 1,404 lorries. The business has been having a hard time to ramp up production and sales, having to consistently slash its annual output target. Towards the start of 2023, Lucid Group was targeting a yearly production of 14,000 systems for the entire year. Nevertheless, while announcing its

revenues for the first quarter of 2023, the business slashed this target to just 10,000 systems. The EV gamer likewise continues to suffer from lukewarm need for its luxury EV, as evidenced by its elevated stock levels. BREAKING: Lucid has dropped prices by up to 18.8%. – Air Pure AWD:$82,400( from $87k)- Air Touring:$95k(from$ 108k )- Air GT:$125k(from$154k )– Sawyer Merritt(@SawyerMerritt)August 5, 2023 Against this background, it is hardly surprising that Lucid Group has now slashed the costs of the Air EV variations by as much as 18.8 percent to much better compete with Tesla’s Model S. The relocation, however, risks activating a destructive rate war with the EV giant, which can manage

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