Lucid drone technologies11/3/2023 Lucid sees significant growth opportunities across many other labor-intensive industries and through unique and innovative partnerships, like their partnership with the Atlanta Falcons. Today, the C1 is enabling cleaning companies to complete more jobs in less time, while mitigating liability on job sites. CNN Sans ™ & © 2016 Cable News Network."Tareq and his team at Defiance bring a wealth of valuable knowledge and experience that will help Lucid continue to grow in this next phase of the business” said Andrew Ashur CEO of Lucid Drones Tweet thisĬurrently, Lucid is focused on delivering long lasting, industrial drones with innovative in-flight technologies like predictive support to customers, primarily in the commercial cleaning industry with their C1 Cleaning Drone. Market holidays and trading hours provided by Copp Clark Limited. All content of the Dow Jones branded indices Copyright S&P Dow Jones Indices LLC and/or its affiliates. Standard & Poor’s and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Chicago Mercantile: Certain market data is the property of Chicago Mercantile Exchange Inc. US market indices are shown in real time, except for the S&P 500 which is refreshed every two minutes. Your CNN account Log in to your CNN account Lucid shares are down more than 60% over the past 12 months. In March, the company laid off around 18% of its workforce as part of a cost-cutting plan. Tesla CEO Elon Musk dismissed the reports, however, saying they were “utterly false.”įor Lucid, the Saudi factory milestone comes during a turbulent period for the company, whose shares have struggled since its IPO in 2021. Earlier this month, The Wall Street Journal reported that Saudi Arabia had also held talks with Tesla over an EV factory in the kingdom. In 2022, the PIF set up a state-backed EV brand, called Ceer, which last month announced a deal with Siemens on designing and building electric cars. The country has looked to electric vehicles as a way to boost its manufacturing sector as it faces an inevitable decline in demand for the oil it has relied upon, and has courted other western companies in the EV industry in the hope of diversifying its economy. Saudi Arabia wants 30% of new car sales in the kingdom to be electric by 2030. While the factory initially has an annual production capacity of just 5,000 vehicles, the company says it intends to begin from-the-ground-up production at the Saudi factory “after the middle of the decade,” with an additional annual capacity of 150,000 vehicles. The new factory will initially deliver Lucid vehicles that have already been put together at the company’s first factory in the United States, then disassembled for shipping, then re-assembled at the plant in Saudi Arabia. The Saudi government also has an agreement with Lucid to purchase up to 100,000 vehicles from the company over a 10-year period. “We look forward to delivering Saudi-assembled cars to customers in Saudi Arabia and beyond.” Saudi Arabia’s powerful Public Investment Fund (PIF), controlled by the Saudi government, is Lucid’s largest shareholder. “With the support of the Saudi government, we are proud to drive local development in the technology industry,” Lucid CEO Peter Rawlinson said in a statement. The factory - the company’s first international plant - will initially focus on re-assembling vehicle kits sent over from the United States. Lucid officially opened the plant in King Abdullah Economic City, near Jeddah, on Wednesday. Californian EV-maker Lucid has opened the first ever car manufacturing plant in Saudi Arabia, as the kingdom looks to establish itself as a global player in the EV race.
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