Lucid Group to Establish Vehicle Manufacturing Facility
(Via Argaam) Emaar The Economic City (Emaar EC) inked, on Feb. 27, a development and lease agreement with Lucid Limited Liability Co. at a total value of SAR 113.5 million, (~30 Million USD) according to a bourse filing. Under the 25-year contract, Lucid will lease an industrial land plot in King Abdullah Economic City’s (KAEC) Industrial Valley to build and operate an auto manufacturing and assembly facility with all ancillary services.
The relevant financial impact will appear from 2022 until 2047. Company Chairman Assim Alsuhaibani and board member Majed Alsorour have an indirect interest in this contract, as they are the representatives of the Public Investment Fund (PIF), an investor in Lucid Co.
Overview of Lucid Motors Q3 Earnings
To set expectations for Q4 earnings we need to understand what happened in Q3. Here’s a short recap of the biggest takeaways from Lucid's Q3 earnings conference call that every Lucid investor, must know.
- Lucid Motors announced in their Q3 earnings that they have started production on their Lucid Air Dream Edition and would begin deliveries in October 2021.
- Peter Rawlinson reiterated that the number of reservations had grown to over 17,000 as of November 15th, 2021.
- Because of the number of reservations, Lucids order book was over $1.3 billion in estimated bookings.
- We also learned that Lucid Group had about $4.3 billion cash on hand.
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