Riyadh Revs Up: Lucid Motors Delivers Record Number of Electric Cars
In a thrilling turn of events, Lucid Motors, predominantly owned by Saudi Arabia’s sovereign wealth fund, raced ahead by delivering a whopping 2,394 electric vehicles in the second quarter of this year. This marked a remarkable 21.70 percent increase compared to the first quarter, leaving competitors in the dust.
An Electrifying Milestone: Lucid’s Production Soars
Not content with just deliveries, Lucid Motors also revved up its production line to churn out 2,110 vehicles during the same period. This impressive feat exceeded the expectations of even the most bullish analysts.
Fueling Growth: Lucid’s Billion-Dollar Boost
Earlier in 2024, Lucid received a turbocharged boost with an additional $1 billion investment from the Public Investment Fund. This cash injection set the stage for the company’s stellar performance in the second quarter.
Accelerating Towards Success: Lucid’s Ambitious Goals
With a goal of manufacturing more than 5,162 cars by the year-end, Lucid is on track to meet its annual output forecast of 9,000 units. This ambitious target reflects the company’s relentless drive towards excellence.
The Electric Revolution: Lucid’s Competitive Edge
Lucid’s Air luxury sedans, including the popular Pure model priced at $69,000, are giving competitors like Tesla’s Model S a run for their money. With cutting-edge technology and sleek design, Lucid is leading the charge in the electric vehicle market.
Saudi Arabia’s Electric Dreams: A Vision for the Future
Lucid Motors is not the only player in the game backed by Saudi Arabia’s government. With the launch of Ceer in 2022 and increased stakes in luxury carmaker Aston Martin, the Kingdom is driving towards a future powered by electric vehicles.