Lucid Group (NASDAQ:LCID), the Saudi-backed, US-based manufacturer of electric vehicles, announced today that it would soon start delivering the performance version of the Lucid Air Grand Touring EV. As per the Lucid Group’s press release, the performance edition of the Air Grand Touring will offer 1,050 horsepower, an EPA-estimated range of 446 miles, and an acceleration from 0 to 60 miles per hour in 2.6 seconds. With an MSRP of $179,000, the latest version of the Air EV is expected to hit the road in June 2022 in the US. Canadian deliveries are expected to commence in August. Lucid Group shares are up 3 percent on today’s news. Bear in mind that the limited-edition Lucid Air Dream EV sports a record-breaking range of 520 miles on a single charge. While announcing its earnings for the fourth quarter of 2021 back in February, Lucid Group had disclosed a cumulative production of over 400 units, with 300 units already delivered by that time. Nonetheless, the company had missed its 2021 delivery target of 520 units. For 2022, Lucid Group also reduced its delivery target from 20,000 units to between 12,000 and 14,000 units while citing supply chain constraints. As per the latest tally, Lucid Group has around 25,000 confirmed reservations for the Air EV, reflecting potential sales of over $2.4 billion. As per the company’s earnings call, the production of the Lucid Gravity SUV is now slated to begin in H1 2024 instead of 2023. Overseas shipments of the Air EV are likely to commence in 2022. To this end, the company is seeking to establish its iconic Lucid Studios in select locations across the EU and the Middle East to bolster sales volume. Lucid Group is also planning to expand its manufacturing footprint by bringing facilities in other geographical locations online. It is now slated to establish a $3 billion manufacturing facility in Saudi Arabia by 2024. To wit, Lucid Group and Emaar, The Economic City (Emaar EC) – a public Saudi joint-stock company – have now finalized a 25-year lease agreement at the cost of SAR 113.5 million or $30.26 million. Under the terms of this deal, Lucid Group will lease an industrial plot of land from Emaar EC in King Abdullah Economic City’s (KAEC) Industrial Valley in order to establish a sprawling EV manufacturing and assembly facility with a production capacity of 150,000 units. Accordingly, the lease agreement begins in 2022 and terminates in 2047.
