Saudi-backed Lucid Group lists on Nasdaq

Saudi-backed Lucid Group lists on Nasdaq

There’s a lot of competition standing in the face of Tesla, one of the most known electric vehicle (EV  )makers in the world (mainly due to its eccentric CEO Elon Musk, and well-designed and manufactured cars, of course ). Part of this competition is called Lucid Group, an EV maker that listed on U.S. stock exchange Nasdaq on July 26 under the ticker $LCID, with a valuation close to $24 billion. That’s almost twice the valuation of Nissan Motor Co. and two-thirds of Ford Motor Co. The listing came after Lucid merged with special purpose acquisition (SPAC  ) company Churchill Capital IV Corp.

 

Saudi Arabia’s Public Investment Fund (PIF  ) threw a lifeline to Lucid in 2018. PIF owns some 60% shares in the company, and is expecting to raise $20 billion from its $2.9-billion investment. Even though Lucid hasn’t yet sold a car, it is planning on doing so in the second half of 2021. It has 11,000 paid reservations for its Lucid Air model, and has expanded its manufacturing plant in Arizona to up its production from 30,000 cars a year to 400,000.

“We are on track to meet our projected deliveries for the next two years, and we look forward to delighting our customers around the world with the best electric vehicles ever created,” said Peter Rawlinson, CEO and CTO of Lucid Group. 

Rawlinson is an ex-Tesla engineering executive.

The California-based company is also looking into opening brick-and-mortar shops that they like to call ‘studios’ in the Kingdom. 

“My retail team just returned from a scouting trip in the Kingdom, and that is very much on the road there. Hopefully, we can get a retail outlet there right at the tail end of 2021, probably early 2022,” the CEO confirmed. 

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Last update: 27 July 2021