Lucid Says #SaudiArabia's PIF Was Supportive as Supply Crunch Hit - Bloomberg

Lucid Says Saudi Arabia's PIF Was Supportive as Supply Crunch Hit - Bloomberg

Top shareholder Saudi Arabia has been supportive of Lucid Group Inc. during a supply crunch that forced two production target cuts this year, an official at the carmaker said on Thursday.

Saudi Arabia’s Public Investment Fund, which owns just over 60% of the luxury electric-vehicle group, understands the challenges around supply chain issues and costs, said Faisal Sultan, managing director of global operations at Lucid. The company is not seeing pressure from investors.

“The PIF have been very supportive,” he said on Bloomberg TV. “When the world re-emerges from the pandemic and the supply chain catches up, we will be ready.” The company is on target to deliver cars to customers in Riyadh in the second quarter of next year, he said.

Like other automakers, Lucid has been dealing with supply chain snags and resulting production hiccups. The firm halved its 2022 production target to 6,000 to 7,000 cars earlier this month -- the second time the Newark, California-based startup has reduced its output goal this year, from an original target of 20,000 cars.