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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 (NASDAQ: LCID) announced the opening of its first retail and service center in the Netherlands on December 16, 2022, located in Hilversum. This new center is part of Lucid's expansion in Europe and follows the Lucid Air's five-star rating in Euro NCAP safety tests. The 2,232-square-meter facility will provide sales and service support, catering to the growing demand for electric vehicles in the region, which boasts a robust charging infrastructure. Lucid aims to open more locations across Europe in 2023.
Panasonic Energy has entered into multi-year agreements with Lucid Group (NASDAQ: LCID) to supply lithium-ion batteries for Lucid's electric vehicle lineup, including the award-winning Lucid Air and upcoming Gravity SUV. This collaboration supports Panasonic’s expansion into the U.S. battery production market, with facilities planned in Japan and Kansas. Lucid aims to meet increasing battery demand as it ramps up production for its vehicles in 2023 and 2024. Panasonic's expertise will bolster efforts toward sustainable electric vehicle technology.
Lucid Group (NASDAQ: LCID) announces the grand opening of its first retail Studio in Texas, located at Legacy West in Plano, on November 19, 2022. This marks the company's 29th Studio in North America and aims to enhance customer engagement with the Lucid Air lineup, including the new Air Pure and Touring models. The Studio features a luxury experience with a 4K VR configurator for virtual car configurations. Customers unable to visit can utilize Lucid Studio Live for personalized virtual tours. Future locations are planned as Lucid expands its presence.
Lucid Group (NASDAQ: LCID) announces the opening of its first retail location in Switzerland at Cours de Rive 10, Geneva, scheduled for November 18, 2022. This luxury studio is Lucid's second in Europe, following the Munich Studio launched earlier this year. The location aims to enhance customer engagement and experience with the Lucid Air electric vehicle, as demand grows among Swiss reservation holders. Lucid plans further European expansion, accepting reservations from several countries with deliveries expected by the end of 2022.
Lucid Group announces its first luxury electric SUV, Gravity, set to join the flagship Lucid Air sedan. Gravity promises supercar levels of performance with seating for up to seven and an unmatched electric range, second only to Lucid Air. Reservations will open in early 2023 with production anticipated in 2024. The vehicle will feature advanced technology, including next-generation displays and flexible seating configurations. Gravity aims to redefine the luxury SUV market, leveraging Lucid's expertise in performance and efficiency.
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.
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