Lucid Has an Ace in the Hole, and It's Not What You Think
Share prices of Lucid Group (NASDAQ: LCID) are down over 59% from their 52-week high after the electric vehicle (EV) company reported disappointing fourth-quarter and full-year 2021 results and slashed 2022 guidance.
Lucid now plans to produce just 12,000 to 14,000 Lucid Air electric sedans in 2022 compared to previous plans for 20,000 units. The company also delayed plans to roll out its Gravity SUV from 2023 to the first half of 2024.
Lucid's report presents a painful blow to investors who were hoping for a strong 2022 while also pushing back many of the company's medium-term goals. However, the company still has the longest range, highest voltage, and fastest-charging electric sedan on the market today. Aside from that competitive advantage, Lucid has an ace in the hole that is unique from any other EV manufacturer -- its relationship with Saudi Arabia. Here's how Lucid's Saudi Arabia connection could be just what the company needs to persevere past short-term challenges.
Source Fool.com
