Electric car manufacturer Lucid was one of 2021’s most anticipated special purpose acquisition (SPAC) stocks. Lucid began delivering its first model last October with the price range of $77,400 to $139,000. Still on an early phase, the American EV delivered a few hundred vehicles in 2021. Today, it was announced that Lucid will open latest studio location in Newport Beach, CA.
Two weeks ago, Lucid Motors chairman told Bloomberg News that the EV maker is in talks with the kingdom to build a factory there by 2025 or 2026. “Now that we are successfully producing and selling cars in the U.S., our attention is turning to this factory here,” Lucid Chairman Andrew Liveris told Bloomberg Television at a mining conference in Riyadh. Specifics being worked out include ownership percentages for Lucid and partners on the project.
The company laid out an ambitious ramp-up on the IPO, estimating vehicle deliveries growing from 20,000 in 2022 to 251,000 in 2026 – with a revenue of $22.7 billion by then. As of 02:56 PM EST, Lucid is currently down 15.00% at $28.40.
The new year didn’t start well for the Markets who have been being pressured by Fed Rates, Russia vs Ukraine worries and the recent US inflation data. considering drops from recent highs for many stocks like Tesla that is currently 30% down from recent All-time-highs last November.
Yesterday, the Federal Reserve confirmed that, “with inflation well above 2% and a strong labor market,” it is likely to raise benchmark interest rates as soon as March. Also, Fed Chairman Jerome Powell strongly hinted that we’re talking about not just one, but multiple 25-basis-point hikes this year.