Lucid Group has started customer deliveries of its Lucid Air electric sedan in Saudi Arabia, delivering hundreds of the EVs to the country on a weekly basis, Vice President and Managing Director of Lucid Middle East Faisal Sultan told Argaam.

The specs: The four-seater Grand Touring model packs two electric motors, goes from 0-60 mph in three seconds, has 1.05k horsepower, and can cover some 830 km on a full charge and 320 km on a 12-minute charge, according to its website. The Touring model also packs dual engines, has 620 horsepower, goes from 0-60 mph in 3.4 secs, has a 480 km driving range on a full charge, and covers 320 kms in 15 mins of charging. The Pure base model packs one engine, has 480 horsepower, goes from 0-60 miles in 3.8 secs, covers 660 km on a full charge, and has a driving range of 320 kms on 15 mins of charging.

How much it will cost you: The price of the base Pure EV model starts at SAR 440k (c.USD 117.3k) and goes up to SAR 960k (c.USD 256k) for Lucid’s Dream Edition model, Sultan told Argaam. The Dream Edition has 1.11k horsepower and goes from 0-60 mph in 2.5 seconds.

REMEMBER- Lucid said late last year that 80% of its electric vehicles will be made in Saudi Arabia by 2030. The company also plans to produce 155k EVs yearly in Saudi Arabia once full-fledged production capacity is achieved by 2025, Sultan said at the time. Lucid aims to build a full production plant in the country that could potentially earn the EV manufacturer USD 3.4 bn over 15 years. Construction of the facility began in May 2022.

And it has been drumming up more capital: Lucid Group plans to raise USD 3 bn through a common stock offering, with most the money coming from the Saudi Public Investment Fund (PIF), which is Lucid’s majority shareholder. KSA’s sovereign wealth fund The Public Investment Fund will purchase some 265.7 mn shares in a private placement set to close on 26 June for c. USD 1.8 bn. The remaining USD 1.2 bn will be raised from a public offering of 173.5 mn shares of common stock. Lucid plans to use the funds “for general corporate purposes, which may include, among other things, capital expenditures and working capital.”

Production cuts amid poor performance: The company reported quarterly revenues of USD 149.4 mn, down from an average estimate by analysts of USD 209.9 mn. Its quarterly losses widened to USD 779.5 mn, up from USD 604.6 mn in the same quarter last year. The disappointing quarterly performance has pushed the EV manufacturer to revise its annual production plan this year to manufacture 10k of its luxury EV sedans, down from a previous production plan of up to 14k.