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Lucid Group, Inc. (NASDAQ: LCID) is a dynamic technology and automotive company that is revolutionizing the electric vehicle (EV) market. Lucid is celebrated for its luxury electric vehicles and cutting-edge EV technologies, with a mission to inspire the adoption of sustainable energy. Headquartered in Newark, California, the company is known for its commitment to sustainability, advanced technology, and exceptional design.
Lucid's flagship product, the Lucid Air, is a luxury sedan that has garnered significant acclaim for its sleek design, impressive range, and high performance. The Lucid Air Grand Touring, for instance, boasts an EPA-estimated range of 516 miles, the longest of any EV on the market. The Air lineup also includes models like the Air Pure, Air Touring, and the high-performance Air Sapphire, each offering a unique blend of luxury, range, and power.
In November 2023, Lucid unveiled the Lucid Gravity, a groundbreaking luxury electric SUV. Designed to offer unparalleled space, performance, and efficiency, the Gravity SUV is expected to redefine the standards for electric SUVs. With a projected driving range exceeding 440 miles and seating for up to seven adults, the Gravity SUV showcases Lucid's innovative EV powertrain technology and holistic approach to vehicle engineering.
Lucid's commitment to innovation extends beyond vehicle design. The company's proprietary Clearview Cockpit user interface and Lucid Pilot Panel are designed to provide an intuitive and seamless driving experience. The Gravity SUV, for example, features a 34-inch curved OLED display and advanced software with over-the-air updates, ensuring continuous vehicle improvement.
Financially, Lucid has shown resilience and growth. The company reported a revenue of $172.7 million for the first quarter of 2024 and expects to manufacture approximately 9,000 vehicles in the same year. Lucid also raised $1.0 billion in financing through a private placement to an affiliate of the Public Investment Fund (PIF), underscoring strong investor confidence in the company's future.
Lucid is also focused on expanding its global footprint. With manufacturing facilities in Casa Grande, Arizona, and King Abdullah Economic City in Saudi Arabia, the company is well-positioned to meet growing demand for its vehicles in the U.S., Canada, Europe, and the Middle East.
The company's leadership team, led by CEO and CTO Peter Rawlinson, is dedicated to pushing the boundaries of EV technology. With a strategic focus on innovation, cost optimization, and sustainable growth, Lucid is poised to continue leading the luxury EV market.
For more information, visit Lucid Motors.
Lucid Group announced that orders for its new electric SUV, the Lucid Gravity, will open on November 7, 2024. The Grand Touring trim, starting at $94,900, will feature over 800 horsepower and a projected range exceeding 440 miles, with production scheduled for late 2024. The Touring trim, starting at $79,900, is planned for late 2025 production.
The vehicle offers space for up to seven adults and 120 cubic feet of total cargo space. Current Lucid owners will receive priority delivery. The SUV features in-house electric motors and an optional three-chamber air suspension system. U.S. customers can configure and order directly through Lucid's website.
Lucid Group (NASDAQ: LCID) announced that its Lucid Air models have received the highest possible five-star overall safety rating from the National Highway Traffic Safety Administration's (NHTSA) New Car Assessment Program for 2025. The Lucid Air Pure, Touring, Grand Touring, and Sapphire models achieved maximum five-star scores across all testing categories: frontal crash, side crash, and rollover testing. The vehicle's safety features are enhanced by its high-strength, lightweight aluminum construction and innovative battery pack design that contributes to the car's structural integrity.
Lucid Group (Nasdaq: LCID) has announced the pricing of its public offering of 262,446,931 shares of common stock. The offering is expected to close on October 18, 2024. Additionally, Lucid's majority stockholder, Ayar Third Investment Company, an affiliate of the Public Investment Fund (PIF), has agreed to purchase 374,717,927 shares in a private placement at the same price. This private placement is set to close on October 31, 2024.
The combined public offering and private placement are expected to generate aggregate gross proceeds of approximately $1.67 billion. Lucid plans to use the net proceeds for general corporate purposes, including capital expenditures and working capital. BofA Securities is acting as the sole underwriter for the public offering.
Lucid Group (Nasdaq: LCID) has announced a public offering of 262,446,931 shares of common stock, with an option for the underwriter to purchase up to 39,367,040 additional shares. BofA Securities is the sole underwriter. Concurrently, Lucid's majority stockholder, Ayar Third Investment Company, an affiliate of the Public Investment Fund (PIF), intends to purchase 374,717,927 shares in a private placement at the same price, maintaining its approximate 58.8% ownership.
The net proceeds from both the public offering and private placement will be used for general corporate purposes, including capital expenditures and working capital. The offering is being made pursuant to Lucid's effective shelf registration statement on Form S-3.
Four Seasons and Lucid Group, Inc. have announced a new partnership to offer sustainable driving experiences at participating Four Seasons hotels and resorts. The collaboration aims to provide guests with eco-friendly and flexible transportation options during their stay. Key features of the program include:
1. Complimentary driving experience: Guests can reserve a Lucid vehicle at no cost, with concierge-provided route maps for exploring local areas.
2. Chauffeured Lucid house car service for guests.
3. Electric charging stations: Lucid will provide chargers compatible with various electric vehicle types.
The program is set to launch this Fall at participating Four Seasons properties in the US, with plans to expand to North America, Europe, and the Middle East in the following months.
Lucid Group, Inc. (NASDAQ: LCID) has announced its Q3 2024 production and delivery figures. The company produced 1,805 vehicles and delivered 2,781 vehicles in the quarter ended September 30, 2024. Approximately 8% of deliveries were subject to operating lease accounting. Lucid will host a conference call to discuss its Q3 2024 financial results on November 7, 2024, at 2:30 pm PT / 5:30 pm ET.
To enhance shareholder engagement, Lucid is partnering with Say Technologies to allow shareholders to submit and upvote questions for the earnings call. The Q&A platform will be open from October 24 to November 5, 2024. Shareholders can submit questions at https://app.saytechnologies.com/lucid-group-2024-q3.
Lucid Group (NASDAQ: LCID) showcased its upcoming Gravity SUV and presented an analysis of its enabling technologies' cost-effectiveness at its Technology & Manufacturing Day. The company announced that it has already delivered more cars in 2024 than in all of 2023 through August 31. Lucid introduced its next-generation Atlas drive unit, which offers enhanced value and is destined for upcoming midsize platform vehicles. The company also revealed that the Lucid Gravity will be equipped with a NACS charging connector in 2025, allowing access to 15,000+ Superchargers. Additionally, Lucid offered a glimpse of its upcoming midsize crossover, scheduled for production in late 2026 with a starting price under $50,000.
Lucid Group (NASDAQ: LCID) has launched Lucid UX 2.4, a major software update for the Lucid Air electric vehicle. The update includes enhancements to the optional DreamDrive Pro Advanced Driver Assistance System (ADAS), introducing features like Lane Change Assist, 3D lane visualization, and curve control. A new Lucid Assistant voice control system allows easier management of navigation, audio, climate control, and more.
The update also brings wireless Apple CarPlay integration in the instrument cluster, faster connection and responsiveness in the Lucid Mobile App, and various user-requested improvements. This over-the-air update demonstrates Lucid's commitment to continuous improvement and user experience enhancement in their electric vehicles.
Lucid Group (NASDAQ: LCID), a leading electric vehicle manufacturer, has announced that its CEO and CTO, Peter Rawlinson, will participate in a fireside chat at the Morgan Stanley 12th Annual Laguna Conference on Thursday, September 12. The session is scheduled for 2:35 pm PT and will be webcast live on Lucid's investor relations website.
Investors and interested parties can access the live webcast at https://ir.lucidmotors.com. A replay of the webcast will be available for 60 days following the live presentation, providing an opportunity for those unable to attend the live event to catch up on Lucid's latest updates and insights.
Lucid Group (NASDAQ: LCID) has announced a Technology & Manufacturing Day on September 10, 2024, to be livestreamed from their Arizona factory. The event will showcase the upcoming Lucid Gravity SUV and its technologies, alongside an analysis of manufacturing cost-effectiveness. CEO Peter Rawlinson emphasized the Gravity's exceptional attributes, positioning it as the 'best SUV ever'. The presentation, starting at 8:00 am PT, will be accessible via webcast, with a replay available afterward.
Invited participants will tour the factory and experience rides in the Lucid Gravity and Lucid Air Sapphire. This event highlights Lucid's commitment to innovation and transparency in their manufacturing processes, potentially impacting investor interest and market perception of the company's technological advancements.
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