![]() When company insiders sell their company’s stock, it’s seen as a negative sign. Should this affect your decision to buy LCID stock? Think about it like this. ![]() While not all of those were cancellations, internal emails show that the company is more than a little concerned that cancellations are becoming a concern. In the company’s most recent earnings report, reservations were down by 3,000 vehicles. Lucid reports that it will fall significantly short of meeting its full-year goal to deliver 6,000 to 7,000 vehicles.Īnd consumers, for reasons that are not entirely clear, are beginning to cancel their orders. Since journalism is not encouraged in Saudi Arabia we will be interested to get some sneak previews of worker conditions onsite as the plant is being built.But potential orders aren’t the same thing as actual orders. This is in preparation for the electric vehicles that will be manufactured in the kingdom soon. Lucid Group of Lucid Motors (LCID.O) has opened its first Lucid Studio in Saudi Arabia, where interested customers can experience the Lucid Air electric vehicle and customize it. According to local news reports it has ordered between 50,000 and 100,000 electric vehicles from Lucid within the next ten years. Unlike foreign nationals, the Saudi government pays Saudi nationals well, with loads of benefits. The Saudi government wants EVs for its staff. But disclosed investors are mainly from China, including China’s LeEco, Tsing Capital, China Environmental Fund and Jafco Life Science.Īs Saudi Arabia falls out with Biden over energy goals, China is a willing partner. Lucid Motors does not appear “Chinese” on the surface, with most of its senior management from the US and its operations in North America. They plan on cracking the Chinese market and the first plant in Saudi Arabia might be a pilot to see how well the company can do manufacturing outside of the United States. Lucid is rivalling Tesla in style and performance, hiring Elon Musk’s employees to outclass Tesla. Majority shareholders are Saudi Arabia and Chinese investors.ĭeliveries of the Dream Edition launch versions were made available to the first group of 520 reservation holders on October 30, 2021. The company was founded in 2007 by Bernard Tse, Sam Wang, and Sheaupyng Lin. ![]() (NASDAQ: LCID) is an American-headquartered electric vehicle manufacturer headquartered in Newark, California. What is the Lucid Group?įormerly known as Atieva, Lucid Group, Inc. And a Saudi-based factory has started being built last May. Saudi Arabia’s Public Investment Fund (PIF) owns 61 percent of Lucid Motors, the California-headquartered electric vehicle maker. Despite local media reporting the contrary, the changes do little to dismantle the kafala system, leaving migrant workers at high risk of abuse,” Human Rights Watch expounds.īut that’s another story. The system underpins migrant workers’ vulnerability to a wide range of abuses, from passport confiscation to delayed wages and forced labor. “They are governed by an abusive kafala system that gives their employers excessive power over their mobility and legal status in the country. According to Human Rights Watch, millions of migrant workers fill mostly manual, clerical, and service jobs in Saudi Arabia, constituting more than 80 percent of the private sector workforce. Saudi Arabians don’t do labor jobs so a vast majority of the jobs will be poorly treated immigrants. Saudi Arabia’s investment in Lucid Motors “has placed the Kingdom among developed countries.” Saudi Arabia now joins electric nations Oman with its Mays Motors, Turkey’s Togg EV, and Israel’s failed Better Place car company.Ībdullah al-Swaha, Minister of Communications and Information Technology said last week: “This was a dream, and it has become a reality under the leadership of the Crown Prince,” al-Swaha said. Saudi Arabia knows it needs to diversify away from oil, despite spending billions, trillions even on Neom, The Line and Trojena’s ski-hills in the desert. Lucid wants to outperform and outclass TeslaĪrabs drive green? Saudi Arabia plans on manufacturing and exporting 150K electric vehicles, EVs, by 2026 as part of the newly launched National Industry Strategy.
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