Lucid Group inks agreements for Saudi Arabia production
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Lucid Group (NASDAQ:LCID) fell after the close on Monday after reporting a larger-than-anticipated loss for Q4.
The 2022 production outlook from Lucid was for a range of 12,000 to 14,000 Lucid Air vehicles pushed out.
The electric vehicle startup said the forecast reflects the extraordinary supply chain and logistics challenges it has encountered and its "unrelenting focus" on delivering the highest-quality products.
"We remain confident in our ability to capture the tremendous opportunities ahead given our technology leadership and strong demand for our cars," updated CEO Peter Rawlinson on the road ahead.
Of note, Lucid Group (LCID) announced plans to build a brand new manufacturing facility in the Kingdom of Saudi Arabia. The estimate from management is that the location may result in up to $3.4B of value to Lucid over 15 years.
Lucid has a conference call set for 5:30 ET during which more details are anticipated.
Shares of LCID shed 9.56% in after-hours trading after rising 9.98% during the regular session.
Lucid Group (LCID) is on Seeking Alpha's Catalyst Watch this week with some extra volatility anticipated.