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OFFON

LUCID GROUP, INC.

(LCID)
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Lucid : Kuwait Ports plans region's first city for electric car makers

08/01/2021 | 06:47am EDT

DUBAI, Aug 1 (Reuters) - Kuwait Ports Authority (KPA) has approved a proposal to build the Middle East's first city to serve electric vehicle manufacturers, the authority said in a statement on Sunday.

The statement does not make clear where the project, called EV City, will be located.

The design and construction tendering process will be during the 2011/22 fiscal year, said KPA's General Manager Yousef al-Abdullah al-Sabah.

KPA noted that electric car makers do not use local distributors or dealers and sell their vehicles directly to consumers, adding that it was common for ports to provide certain infrastructure to manufacturers.

"KPA is able to provide all port and logistics services to the biggest global companies manufacturing electric cars," Sabah said, adding that the project was in line with Kuwait's Vision 2035 economic diversification plan.

The Public Investment Fund, the sovereign wealth fund of neighbouring Saudi Arabia, has made huge gains after it invested more than $1 billion in electric carmaker Lucid in 2018.

Lucid Group listed last month after a merger with a blank check company, Churchill Capital Corp IV, in February in a deal that gave the combined company a pro-forma equity value of $24 billion. PIF owns 62.7% of Lucid. (Reporting by Ahmed Hagagy Writing by Lisa Barrington and Saeed Azhar; Editing by Louise Heavens)


ę Reuters 2021
All news about LUCID GROUP, INC.
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09/14LUCID : Morgan Stanley Starts Lucid Group at Underweight with $12 Price Target
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09/09LUCID : Citigroup Starts Lucid Group at Buy with $28 Price Target
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Analyst Recommendations on LUCID GROUP, INC.
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Financials (USD)
Sales 2021 76,1 M - -
Net income 2021 -2 744 M - -
Net cash 2021 3 020 M - -
P/E ratio 2021 -13,8x
Yield 2021 -
Capitalization 38 960 M 38 960 M -
EV / Sales 2021 472x
EV / Sales 2022 20,8x
Nbr of Employees 1 861
Free-Float 79,2%
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Technical analysis trends LUCID GROUP, INC.
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Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 3
Last Close Price 24,07 $
Average target price 23,33 $
Spread / Average Target -3,06%
EPS Revisions
Managers and Directors
Peter Rawlinson Director, Chief Executive & Technology Officer
Sherry House Chief Financial Officer
Andrew N. Liveris Chairman
Eric Bach Chief Engineer & Senior Vice President-Product
Turqi Alnowaiser Independent Non-Executive Director
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