Lucid Electric Vehicles Company plans to double the number of cars produced during the current year 2023. Among the company’s plans is the production of its “Gravity” sports car. In addition, Lucid has a contract with the Saudi government to sell more than 100,000 electric cars, and this is part of the company’s strategies to sell more cars.
The company also announced at the end of last year that the Saudi Public Investment Fund would pump in more than $1.5 billion. It stated that cash and its equivalent are sufficient to operate its operations for the first quarter of this year. At the same time, the company’s losses in the year decreased to half of its loss in the previous year.
The company’s financial director, Sherry House, stated that Lucid is aware of the difficulties in the market climate and the reflection of interest rates in the market that affected the purchasing power of customers, and that the company took several measures to reduce the decline in sales. One of those measures is the postponement of any plans to expand its Arizona plant.