2024-03-13 19:03:01
Lucid, a company in which the Saudi Investment Fund owns a majority stake and which specializes in manufacturing luxury electric cars, announced the launch of an economic car at a cheap price with the aim of reviving sales.
This announcement comes from the company while its stock continues its continuous decline, as it closed yesterday, Wednesday, January 3, 2024, at a price of $3.96 per share.
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The company, which specializes in luxury electric cars, announced an economical car priced at 50,000 US dollars, expected to be produced in 2025, aiming to compete with Tesla cars, but this announcement did not stop the stock’s ongoing collapse.
Company President Peter Rawlinson says: “We seek to produce vehicles at reduced prices that compete with Tesla vehicles – the Model 3 and Model Y.”
Lucid faced major challenges, its stock collapsed to very low levels, and it faced weak sales and major problems.
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