PIF-backed Lucid expands its EV manufacturing plant in Arizona: EV manufacturer Lucid — in which KSA’s sovereign wealth fund PIF owns a 60% stake — has expanded its U.S. Advanced Manufacturing Plant in Arizona as it gears up to roll out its new fully electric SUV, the Lucid Gravity, according to a statement released last week.

The expansion: Lucid’s revamp of its facility in the US includes a new 278.8 square meter manufacturing facility and warehouse, the statement notes. The expansion will include a new general assembly line, quality and semi-knock down centers, expanded body and paint shops, a relocated logistics center, and an expanded powertrain facility.

Lucid has been struggling to meet production targets: Last week Lucid reported a 10%y-o-yfall in deliveries to a record low of 1.73k vehicles in 4Q 2023 due to weak customer demand. The automaker’s production has also fallen 31% to y-o-y to 2.4k units in the same quarter, and saw its shares fell 38% last year.

Is a new stamping facility the answer?EV metal stamping is a machining process used to stamping presses and dies to mold sheet metal into varying shapes, and Lucid’s Arizona plant already has one of the world’s most advanced stamping facilities. A new stamping facility is due to become operational by the end of the year and is expected to reduce costs and help the company expand production, it says.

ALSO- The automaker signed a three-year agreement with KSA’s Ma’aden for the supply of aluminum sheets for its EV production plants in the US, Ma’aden said. No details were disclosed regarding the financial value of the agreement.

Lucid has big regional plans beyond the US: Lucid plans to produce 155k EVs yearly in the kingdom once full-fledged production capacity at its first overseas production facility in Jeddah’s King Abdullah Economic City is achieved by 2025. Once fully operational, Lucid’s production plant is expected to net the EV manufacturer USD 3.4 bn over 15 years.

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