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PIF-backed Lucid expands its EV manufacturing plant in Arizona: EV manufacturer Lucid — in which the PIF owns a 60% stake — has expanded its advanced manufacturing plant in Arizona as it gears up to roll out its new fully electric SUV, the Lucid Gravity, according to a statement released last week.
The expansion: Lucid’s revamp of its facility in the US includes a new manufacturing facility and warehouse with assembly, quality, and semi-knock-down lines as well as expanded body and paint shops.
Lucid has been struggling to meet production and delivery targets: Last week Lucid reported a 10% y-o-y fall in deliveries to a record low of 1.73k vehicles in 4Q 2023 due to weak customer demand. Total production fell 31% y-o-y to 2.4k units in the same quarter. The company’s share price is feeling the pinch: It’s down 38% in the past year.
Is a new stamping facility the answer?EV metal stamping is a machining process used to stamping presses and dies to mold sheet metal into varying shapes, and Lucid’s Arizona plant already has one of the world’s most advanced stamping facilities. A new stamping facility is due to become operational by the end of the year and is expected to reduce costs and help the company expand production, it says.
ALSO- The automaker signed a three-year agreement with Ma’aden for the supply of aluminum sheets for its EV production plants in the US, Ma’aden said. No details were disclosed regarding the financial value of the agreement.
Lucid has big regional plans in KSA: Lucid plans to produce 155k EVs yearly in the Kingdom once full-fledged production capacity at its first overseas production facility in Jeddah’s King Abdullah Economic City is achieved by 2025.
