Lucid Motors’ Desperate Bid for Survival: A Tale of Broken Promises and Saudi Arabia’s Lifeline
In a shocking turn of events, Lucid Motors has managed to sell more electric vehicles this year than it did in all of last year – but only because it’s been relying on Saudi Arabia’s deep pockets to prop up its struggling business. And with three months to go in 2024, the company is still nowhere near meeting its own lofty sales projections.
The truth is, Lucid’s sales figures are a mere Band-Aid on the company’s deeper wounds. Its third-quarter deliveries of 2,781 vehicles may be a record, but it’s a far cry from the 10,000-plus vehicles the company promised to deliver just a year ago. And let’s not forget the $4 billion reverse merger that made Lucid a public company in 2021 – a deal that was supposed to bring in a flood of cash, but has instead left the company scrambling for scraps.
But what’s even more alarming is Lucid’s reliance on Saudi Arabia’s sovereign wealth fund to keep the lights on. The company is leaning heavily on its majority owner to inject more cash ahead of the launch of its Gravity SUV, which is supposed to be a game-changer for the company. But let’s be real – it’s not like Lucid has a track record of delivering on its promises.
And don’t even get me started on the company’s lack of transparency. Lucid won’t say where it’s generating these increased sales, and it’s only just now starting to step up shipments to Saudi Arabia. It’s like they’re trying to hide something.
But the real question is – can Lucid survive without Saudi Arabia’s lifeline? The company’s financials are a mess, and it’s still struggling to build a full-featured factory in Saudi Arabia. And with only three months to go in the year, it’s clear that Lucid is in a desperate bid to stay afloat.
So, will Lucid be able to meet its goal of making 9,000 vehicles this year? I wouldn’t bet on it. But one thing is for sure – the company’s future is far from certain, and it’s going to take a lot more than just a few record-breaking quarters to turn things around.
