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Lucid Motors (NASDAQ:LCID) is finally on the market. Now, investors are keeping a close eye on the electric vehicle (EV) play as it hopes to make good on its promise to challenge Tesla’s (NASDAQ:TSLA) electric vehicle dominance. After its initial public offering (IPO) a little over a week ago, many have waited idly, wondering what the company’s next move is. A recent Securities and Exchange Commission (SEC) filing and some news out of the Middle East point to LCID stock’s future.
Source: gg5795 / Shutterstock.comFirst, Lucid’s newest SEC filing makes production details more concrete. A lengthy S-1 filing by the company includes some key remarks about the production of both the Lucid Air and Project Gravity. The Air, a luxury sedan and the first model for the Lucid fleet, is set for production in the second half of 2021.
While investors might have known this for some time now, nothing has been set in stone. This new filing shows the company’s intention is still to firm up production this year. The document also sets a prospective date for the second Lucid model, which will be a luxury SUV. The filing notes that production of this vehicle is set for late 2023.
LCID Stock Stands to Gain From Middle Eastern Expansion
Aside from the production of the Air sedan, the company also looks to complete its expansion into the Middle East, and could very well do so within the year.
Saudi Arabia and Lucid Motors have very close ties; in fact, a $2.9 billion investment from the Kingdom of Saudi Arabia via the Saudi Public Investment Fund makes the country a 60% owner of the company. The investment comes with the stipulation that Lucid will bring a factory to the country. As such, much of the speculation over the factory is not if, but when.
We know the company is building the factory in King Abdullah Economic City, north of Jeddah. The date of the factory’s construction is still not publicly known. But, we can assume details will be revealed very soon with the start of production in Arizona.
LCID stock is seeing a slight bump of about 1.5% on today’s session.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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