Lucid Group, Inc. - LCID STOCK NEWS

Lucid Group has commenced deliveries of the Air Touring, featuring a 620-horsepower dual-motor AWD system, reaching 0-60 mph in 3.4 seconds, and an EPA-estimated range of 425 miles. The new Air Pure model, arriving in 2023, offers 480 horsepower, 0-60 mph in 3.8 seconds, and a range of 410 miles. Additionally, Lucid Air is now the world's most aerodynamic production vehicle with a drag coefficient of 0.197. The upcoming Air Sapphire, touted as the first luxury electric super-sports sedan, is in final tuning, with production expected in the first half of 2023.

Lucid Group (Nasdaq: LCID) announced an "at-the-market" program to sell up to $600 million in common stock through an equity distribution agreement with BofA Securities, Barclays Capital, and Citigroup. Additionally, majority stockholder Ayar Third Investment Company has agreed to purchase up to $915 million of shares in private placements, effective until March 31, 2023. Proceeds will support general corporate purposes, including capital expenditures and working capital. The offering is under Lucid’s effective shelf registration statement with the SEC.

Lucid Group, Inc. (NASDAQ: LCID) reported a record quarterly production of 2,282 vehicles for Q3 2022, more than triple the amount from Q2. The company achieved Q3 revenue of $195.5 million, driven by 1,398 vehicle deliveries. Strong demand is evident with over 34,000 reservations totaling potential sales of over $3.2 billion. Lucid maintains its annual production guidance of 6,000 to 7,000 vehicles and plans to open reservations for the Project Gravity SUV in early 2023. The firm ended the quarter with approximately $3.85 billion in cash, expected to fund operations through Q4 2023.

Lucid Group has announced an online global launch event on November 15 for its new models, Lucid Air Pure and Air Touring. These models will debut alongside updates on the Project Gravity SUV. The Air lineup includes the ultra-high-performance Air Sapphire and is expected to set new standards in the electric vehicle market. The Air Pure starts at $87,400 and the Air Touring at $107,400. The following week, Lucid will participate in several events during the LA Auto Show.

Lucid Group and SiriusXM announced that SiriusXM's audio entertainment will be standard in all Lucid vehicles, with a free 3-month trial for new and existing owners. The beta version is set to launch soon, aiming for full implementation in 2023. Lucid Air owners will gain access to hundreds of channels, podcasts, and personalized recommendations. This adds significant value to the user experience in Lucid's luxury electric vehicles, enhancing its technology-driven features.

Lucid Group has launched a new line of accessories for its Lucid Air vehicle, including a home charging station, cargo capsule, crossbars, and all-weather mats. The Lucid Connected Home Charging Station supports up to 19.2 kW, enabling 80 miles of range per hour of charge. The Cargo Capsule increases cargo space by 33%, and the Crossbars can hold up to 165 lbs. Accessories are available for order now, with prices ranging from $250 for mats to $2,000 for the cargo capsule.

Lucid Group (LCID) has signed a Memorandum of Understanding (MoU) with Saudi Arabia's Human Resources Development Fund (HRDF) to enhance local talent through training programs. The initiative aims to provide skill development to over 1,000 employees, with HRDF covering 75% of training costs, amounting to over $50 million USD over five years. This collaboration supports Saudi Arabia's Vision 2030 objectives by creating job opportunities in the electric vehicle sector as Lucid aims to expand its operations in the region, including a new production facility in King Abdullah Economic City.

Lucid Group (NASDAQ: LCID) announced the opening of its first Studio in the Middle East, located in Riyadh, Saudi Arabia, on October 25, 2022. This luxury retail space aims to enhance customer experience with a direct-to-consumer model. CEO Peter Rawlinson highlighted this launch as part of Lucid's mission for sustainable energy adoption. The Riyadh Studio will showcase Lucid's design and products while accommodating the growing demand for electric vehicles. Additionally, Lucid plans to establish a production facility at King Abdullah Economic City, with expected peak manufacturing capacity of 155,000 vehicles annually.

On October 24, 2022, Lucid Group (NASDAQ: LCID) announced the promotion of Faisal Sultan to Vice President and Managing Director of Lucid Middle East. Sultan's leadership will be crucial as the company opens its first retail studio in Riyadh, Saudi Arabia. Since joining Lucid in 2019, he has played a pivotal role in various initiatives, including a significant vehicle procurement contract with the Saudi government for up to 100,000 units. Lucid's mission revolves around inspiring sustainable energy adoption through advanced electric vehicles, with the Lucid Air leading the charge in the luxury EV market.