Lucid Group to Start Car Production in Saudi Arabia, Aiming for 150,000 Vehicles by 2029
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 1h ago
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Source: seekingalpha
- Production Plan Advancement: Lucid Group is advancing its electric vehicle production at a new facility near Jeddah, Saudi Arabia, aiming to transition from assembly to full-scale manufacturing by year-end, supporting the kingdom's ambition to establish a domestic auto manufacturing hub.
- Shareholder Background: As the largest shareholder of Saudi Arabia's $1 trillion sovereign wealth fund, Lucid Group's strategy aligns closely with the kingdom's economic diversification goals, which are expected to reduce reliance on imported vehicles.
- Capacity Goals: While initial production estimates have not been disclosed, CEO Marc Winterhoff indicated that Lucid will gradually ramp up production in 2027 and 2028, targeting full capacity of 150,000 vehicles by 2029, significantly enhancing its market competitiveness.
- Market Outlook: With the growing demand for electric vehicles, Lucid Group's production plans not only aim to meet local market needs but also have the potential to boost the company's market share in the global electric vehicle sector, further solidifying its industry position.
Analyst Views on LCID
Wall Street analysts forecast LCID stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for LCID is 18.82 USD with a low forecast of 10.00 USD and a high forecast of 30.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
12 Analyst Rating
1 Buy
9 Hold
2 Sell
Hold
Current: 10.840
Low
10.00
Averages
18.82
High
30.00
Current: 10.840
Low
10.00
Averages
18.82
High
30.00
About LCID
Lucid Group, Inc. is a technology company, which designs, engineers, and manufactures electric vehicles (EVs), EV powertrains, and battery systems in-house using its own equipment and factories. It sells vehicles directly to consumers through its retail sales network and through direct online sales. Its vehicles include Lucid Air and Lucid Gravity. Lucid Air is an advanced car, featuring powertrain technology. It offers 420 miles of the United States Environmental Protection Agency (EPA)-estimated range, with an 84-kWh battery pack. The Lucid Air Sapphire is the highest-performance version of the Lucid Air, boasting 1,234 horsepower from three motors, 427 miles of an EPA-estimated range (when equipped with standard wheel covers). The Lucid Gravity provides the interior space and practicality of a full-size SUV within the exterior footprint of a mid-size SUV. It provides space for up to seven adults. It has engineered the Lucid Gravity to deliver up to 450 miles of EPA-estimated range.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
