What happened
Lucid Group(NASDAQ: LCID) 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.
10 stocks we like better than Lucid Group, Inc.
When our award-winning analyst team has a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.*
They just revealed what they believe are the ten best stocks for investors to buy right now... and Lucid Group, Inc. wasn't one of them! That's right -- they think these 10 stocks are even better buys.
*Stock Advisor returns as of September 30, 2022
Howard Smith has positions in Lucid Group, Inc. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
