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AUTOMOTIVE-
Price cuts by Lucid bore fruit in 1Q 2024, as the Public Investment Fund-backed EV maker outperformed expectations, delivering 1.9k vehicles in the period, according to a statement (pdf). The growth in deliveries came after Lucid recently cut prices for its flagship Air sedans up to 10% to help shore up demand as US appetite for EVs slumps.
ICYMI- Lucid said last month that it is raising USD 1 bn in capital from PIF unit Ayar Third Investment.The potential proceeds will finance the company’s capex and working capital, among other things.
Sound smart: Big advances in battery and charging tech look set to stimulate demand for EVs over the next five years, Christopher Mims writes for the WSJ.
The key takeaways: By 2030, “[Petrol] vehicles will cost more than their electric equivalents; some EVs will charge as quickly as filling up at a gas station; and super long-range EVs will make the phrase ‘range anxiety’ seem quaint.”
SPORTS-
Al Hilal took home the Saudi Super Cup home last Thursday after a 4-1 victory against Al-Ittihad, following a nail-biting victory against Al-Nassr in the semi final that saw CR7 get a red card at the end of the second half.
SIGN OF THE TIMES- In a dramatic turn of events, Moroccan international and Al-Ittihad striker Abderrazak Hamdallah had an altercation with a fan during the final match. The incident escalated following a verbal exchange between the two, culminating in Hamdallah throwing water at the spectator.The fan then pulled out a whip and lashed at Hamdallah twice, seeming to hit him the second time. The incident got digital ink from the AP, the Washington Post, and Goal.
ALSO- Results from the last round of the Saudi Pro League’s matchday 27 of 34:
- Al-Raed vs. Al-Hazm (2-0);
- Al-Abha vs. Al Fateh (2-1):
- Al-Feiha vs. Al-Akhdoud (3-0).
MEANWHILE- Asian Football Association members have until 2 May to nominate one club to participate in the first-ever AFC Women’s Champions League, which will be hosted in Bangkok. The schedule for the competition:
- Preliminary stage: 25-31 August 2024;
- Group stage: 6-12 October 2024;
- Quarterfinals: 22-23 March 2025;
- Finals: 21-24 May 2025.
DEBT WATCH-
The Agricultural Development Fund (ADF) has rescheduled some SAR 604 mn in debt for a number of distressed investors and farmers, its spokesman Habib Al Shammari told Al Eqtisadiah. He said that the collection of outstanding loans and debt rescheduling was among the fund’s strategy for the year, which sees the ADF earmarking up to SAR 7 bn in total funding for priority agricultural products.
LOGISTICS-
Mawani is contributing funds to the launch of the UN’s inaugural Global Supply Chain Forum which is slated for 21-24 May 2024 in Barbados, according to a statement by the UN Trade and Development (UNCTAD). No further information was provided.
