Lucid Runs Into Middle-East Misadventure As Saudi Sales Stumble On Scaling Issues

Grand News Network | November 8, 2023

EV maker Lucid Group Inc (NASDAQ:LCID) was banking on sales in Saudi Arabia to improve its delivery numbers. However, the company seems to be struggling in the Middle East as well.

What Happened: Though the company intended to deliver more vehicles in Saudi Arabia in the third quarter, “scale-up time has taken a little longer than estimates,” company CFO Sherry House said in the company’s third-quarter earnings call on Tuesday.

Lucid has a purchase agreement with the government of Saudi Arabia to sell up to 100,000 vehicles over the next 10 years. ...

Full story available on Benzinga.com


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