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Lucid (LCID) Opens Car Manufacturing Plant in Saudi Arabia
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Lucid Group, Inc. (LCID - Free Report) opened its first international plant in King Abdullah Economic City, Jeddah, Saudi Arabia. This is Lucid’s second Advanced Manufacturing Plant (AMP-2), which will produce electric vehicles (EVs) for Saudi Arabia and other markets.
The AMP-2 is backed by the Ministry of Investment of Saudi Arabia, the Saudi Industrial Development Fund and the Economic City at King Abdullah Economic City. The facility will play a crucial role in Saudi Arabia’s vision of diversifying its economy.
Peter Rawlinson, CEO and CTO of Lucid Group said that the facility will produce Lucid’s award-winning electric vehicles and pave the way for Saudi Arabia’s electric auto industry and the expansion of its supply chain.
Per the company, the AMP-2 facility is expected to assemble 5,000 cars annually. In its initial stage, the facility will re-assemble Lucid Air vehicle kits that are pre-manufactured at Lucid’s AMP-1 plant in Casa Grande, AZ. Lucid plans to add an annual capacity of 150,000 EVs in the future.
The location of the plant will act as a catalyst for the growth and expansion of its domestic supply chain. Jeddah is located on the coast, which offers it strong supply chain access by land and sea and will help Lucid export EVs to other markets in the future.
A year ago, the government of Saudi Arabia announced to purchase 100,000 EVs from Lucid over a ten-year period. The government made an initial commitment to purchase 50,000 EVs, with the option to purchase another 50,000 vehicles over the same time-frame. The deal includes Lucid Air and future models like Gravity SUV.
In 2018, when Lucid was private, Saudi Arabia’s Public Investment Fund invested $1 billion in the company. The investment helped Lucid start producing its first EVs.
In the last reported quarter, Lucid delivered 1,404 vehicles, up from 679 vehicles in the corresponding quarter of 2022. The company is on track to produce 10,000 vehicles in 2023.
The Zacks Consensus Estimate for LI’s 2023 sales and earnings implies year-over-year growth of 154.7% and 9,200%, respectively. The EPS estimate for 2023 and 2024 have moved north by 31 cents and 65 cents, respectively, in the past 60 days.
The Zacks Consensus Estimate for GNTX’s 2023 sales and earnings indicates year-over-year rises of 17.3% and 29.4%, respectively. The EPS estimates for 2023 and 2024 have moved up by 7 cents and 9 cents, respectively, in the past 60 days.
The Zacks Consensus Estimate for OSK’s 2023 sales and earnings implies year-over-year growth of 15% and 125.7%, respectively. The EPS estimates for 2023 and 2024 have moved north by 4 cents and 8 cents, respectively, in the past 30 days.
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Lucid (LCID) Opens Car Manufacturing Plant in Saudi Arabia
Lucid Group, Inc. (LCID - Free Report) opened its first international plant in King Abdullah Economic City, Jeddah, Saudi Arabia. This is Lucid’s second Advanced Manufacturing Plant (AMP-2), which will produce electric vehicles (EVs) for Saudi Arabia and other markets.
The AMP-2 is backed by the Ministry of Investment of Saudi Arabia, the Saudi Industrial Development Fund and the Economic City at King Abdullah Economic City. The facility will play a crucial role in Saudi Arabia’s vision of diversifying its economy.
Peter Rawlinson, CEO and CTO of Lucid Group said that the facility will produce Lucid’s award-winning electric vehicles and pave the way for Saudi Arabia’s electric auto industry and the expansion of its supply chain.
Per the company, the AMP-2 facility is expected to assemble 5,000 cars annually. In its initial stage, the facility will re-assemble Lucid Air vehicle kits that are pre-manufactured at Lucid’s AMP-1 plant in Casa Grande, AZ. Lucid plans to add an annual capacity of 150,000 EVs in the future.
The location of the plant will act as a catalyst for the growth and expansion of its domestic supply chain. Jeddah is located on the coast, which offers it strong supply chain access by land and sea and will help Lucid export EVs to other markets in the future.
A year ago, the government of Saudi Arabia announced to purchase 100,000 EVs from Lucid over a ten-year period. The government made an initial commitment to purchase 50,000 EVs, with the option to purchase another 50,000 vehicles over the same time-frame. The deal includes Lucid Air and future models like Gravity SUV.
In 2018, when Lucid was private, Saudi Arabia’s Public Investment Fund invested $1 billion in the company. The investment helped Lucid start producing its first EVs.
In the last reported quarter, Lucid delivered 1,404 vehicles, up from 679 vehicles in the corresponding quarter of 2022. The company is on track to produce 10,000 vehicles in 2023.
Zacks Rank & Key Picks
LCID currently carries a Zacks Rank #3 (Hold).
Some better-ranked players in the auto space include Li Auto (LI - Free Report) , Gentex Corporation (GNTX - Free Report) and Oshkosh Corporation (OSK - Free Report) , each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for LI’s 2023 sales and earnings implies year-over-year growth of 154.7% and 9,200%, respectively. The EPS estimate for 2023 and 2024 have moved north by 31 cents and 65 cents, respectively, in the past 60 days.
The Zacks Consensus Estimate for GNTX’s 2023 sales and earnings indicates year-over-year rises of 17.3% and 29.4%, respectively. The EPS estimates for 2023 and 2024 have moved up by 7 cents and 9 cents, respectively, in the past 60 days.
The Zacks Consensus Estimate for OSK’s 2023 sales and earnings implies year-over-year growth of 15% and 125.7%, respectively. The EPS estimates for 2023 and 2024 have moved north by 4 cents and 8 cents, respectively, in the past 30 days.