What happened
Lucid Group (LCID 0.41%) has been moving forward with its plans for future growth, and made another announcement today in that regard. That's helped the stock jump 9% as of 3:45 p.m. ET.
So what
Yesterday, Lucid announced a new vice president and managing director of Lucid Middle East to oversee the company's expansion into Saudi Arabia. The Saudi Arabian sovereign wealth fund was a majority investor in Lucid prior to it listing publicly. It has now opened a new showroom in the kingdom's city of Riyadh to help bolster its presence there after the government agreed to purchase up to 100,000 vehicles over the next 10 years. It also has plans to build its second factory -- and its first outside the U.S. -- in Saudi Arabia.
Today, Lucid announced expansion plans on a different front. The company has previously said it wants to use its in-house battery technology to grow an energy segment. It has now launched an accessories unit including its first at-home charging station and energy storage solutions.
Now what
The company is marketing the new system as a compact unit able to charge up to 80 miles of range per hour. It also is "equipped with hardware ready for bi-directional electrical power and is Wi-Fi enabled for future over-the-air updates."
Lucid hopes customers will eventually use its luxury electric cars, charging, and storage technology as a full future energy ecosystem. For investors, the more critical path for the company is to ramp up its production volume. Lucid has slashed its projected 2022 volume twice, and it will be important to hear what management has to say in its next quarterly update on Nov. 8.
