Lucid Group is poised for an electrifying transformation as it announces the ambitious AMP-1 expansion.This announcement from Lucid Group outlines the expansion of its US Advanced Manufacturing Plant (AMP-1) to enhance its manufacturing capabilities in preparation for the production of the Lucid Gravity, a new fully electric SUV. The expansion includes a new 3 million square foot manufacturing facility and warehouse, bringing various functions together on one campus.
The expansion is aimed at supporting the production of the Lucid Gravity and facilitating future growth for the company. The CEO and CTO, Peter Rawlinson, emphasized the significance of the expansion in preparing for the next phase of Lucid’s growth.
Following the announcement, there was a surge in Lucid Group’s stock. The stock closed the previous week at $2.65 and opened trading on Monday at $2.75, with an upward trend throughout the day. The above-average trading volume indicates increased investor interest.
At the time of this publication, Lucid Group Inc stock (LCID) has witnessed a decline.
Lucid Group Inc
Current Price: $3.06
Change : +0.41
Change (%): (15.47%)
Volume: 55.2M
Source: Tomorrow Events Market Data
The expanded facility will house various functions, including a new General Assembly line, Quality and Semi-Knock Down (SKD) centers, expanded Body and Paint shops, a relocated Logistics center, and a relocated and expanded Powertrain facility. Lucid’s proprietary powertrain technology will be built in the expanded Powertrain facility.
AMP-1 now includes one of the most advanced stamping facilities globally. This vertically integrated stamping facility is expected to provide high-quality standards, greater flexibility, and reduced costs. Stamping operations are scheduled to commence on-site later in 2024.
Steven David, SVP of Operations at Lucid, highlighted that the expanded plant will bring greater operational efficiency to the manufacturing process, allowing the company to continue delivering high-quality electric vehicles to customers.
Lucid has established itself as a pioneer of advanced technology manufacturing in Pinal County, Arizona. Through partnerships with the Arizona Commerce Authority, City of Casa Grande, and Central Arizona College, Lucid is actively involved in championing the development of local talent and providing skill development training.
The AMP-1 expansion of Lucid Group is a significant milestone for the company, reflecting its commitment to growth, innovation, and the development of advanced electric vehicles. The integration of various functions and the addition of advanced facilities contribute to enhancing operational efficiency and maintaining high-quality standards. The company’s engagement with the local community and talent development initiatives further solidify its position as a key player in the electric vehicle manufacturing sector in Arizona.
