Lucid Group (LCID) Opens Multiple Vacancies Related To Finished Vehicles as the Company Moves One Step Closer To Initiating Deliveries

Submit

Lucid Group (NASDAQ:LCID), the manufacturer of the ultra-luxury Lucid Air electric vehicle, continues to test the patience of its investors as they wait for the initiation of deliveries, slated to begin sometime in H2 2021. Now, however, fresh developments suggest that the company is moving closer to this much-anticipated goalpost.

To wit, Lucid Group has now opened several vacancies related to finished vehicles. These include:

Lucid Group (LCID) Starts Converting Reservations Into Orders, Pledges To Deliver 520 Lucid Air Dream Edition EVs

Of these, the job post of a finished vehicle analyst is the most interesting given its expansive scope. As an illustration, the post entails optimizing the overall logistics of Lucid Group’s operations.

Readers should note that these vacancies do not, on their own, suggest that Lucid Air deliveries are imminent in light of the usual onboarding timeline of at least a few weeks.

Lucid Group has already built dozens of quality validation builds as part of its ongoing final testing phase. Moreover, as per the company’s investor call in July, the Air EV is currently undergoing EPA testing in order to validate the vehicle’s claimed range of over 500 miles on a single charge.

Lucid Group currently has over 10K reservations for the Air EV and expects to deliver at least 20K units to the North American and EMEA markets in 2022, with deliveries to China commencing only in 2023. Moreover, the Lucid Gravity SUV is now slated to launch in H2 2023. The company is also prioritizing $350 million in CAPEX for 2021-2023 in order to add 2.7 million square feet of additional manufacturing space at its Arizona facility for production ramp-up. Cumulatively, Lucid aims to retail 1.7 million units of the Air EV and 1.5 million units of Lucid Gravity SUV during the course of this decade.

In a recent positive development, Lucid Group stands to gain access to at least $986.1 million from the cash exercise of warrants:

“We will receive up to an aggregate of approximately $986.1 million from the exercise of all warrants, assuming the exercise in full of all such warrants for cash.”

This should continue to buffer the overall liquidity position of the company.

The author has no position in any of the stocks mentioned. WCCF TECH INC has a disclosure and ethics policy.
Submit