Lucid’s Record-Breaking Sales Ignite Stock Market Stream
In a remarkable turn of events, Lucid Motors, the electric vehicle powerhouse backed by Saudi Arabia, has witnessed stock prices soar following an impressive sales performance that exceeded expectations.
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Lucid Motors, known for its cutting-edge electric vehicles, has made headlines with its strategic price reductions leading to an unexpected boost in the sales of its luxury electric sedans. This strategic move resulted in a roughly 3% increase in Lucid’s stock prices, signaling a growing confidence in the electric vehicle (EV) brand among investors.
Lucid’s Employment and Production Boost in Saudi Arabia
As part of its ambitious plans to dominate the electric vehicle sector, Lucid Motors has outlined plans to create thousands of new jobs in Saudi Arabia, reinforcing its commitment to expanding its operations and influence in the region.
The company’s efforts to ramp up production come at a critical time, as the global demand for electric vehicles continues to surge. Lucid Motors reported a significant milestone in the first quarter of 2024, delivering 1,967 vehicles, surpassing the initial forecasts of 1,745 deliveries. This achievement follows the company’s strategic decision to reduce the prices of the Lucid Air model by up to 10%, a move that has clearly resonated well with consumers.
Contrasting Lucid’s successful quarter, Tesla, another giant in the electric vehicle industry, reported its first quarterly decline in deliveries in approximately four years, highlighting the competitive dynamics within the EV market.
Lucid Motors, in an official statement, shared the exciting news of its production and delivery figures for the quarter ending March 31, 2024, boasting the production of 1,728 vehicles and the delivery of 1,967 vehicles within this period.
Looking ahead, Lucid Motors has announced plans to host a conference call on Monday, May 6, 2024, to discuss its financial results for the first quarter of 2024, setting the stage for further discussions on its growth trajectory and future plans in the evolving electric vehicle landscape.
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Saudi Arabia ranked first among countries for the non-oil exports of national origin with BD201 million (22%)
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Bahrain’s non-oil exports of national origin decreased by 6% to BD894 million ($2.37 billion) in Q2 2024 compared to the same period in 2023. The top 10 countries accounted for 64% of the total export value.
According to the Information & eGovernment Authority (iGA) in its Q2 2024 Foreign Trade report, Saudi Arabia was the leading destination for these exports, totaling BD201 million (22%). The US followed with BD75 million (8.4%), and the UAE with BD73 million (8.2%).
Unwrought aluminum alloys were the top exported product in Q2 2024, amounting to BD267 million (30%), followed by agglomerated iron ores and concentrates alloyed at BD159 million (18%) and non-alloyed aluminum wire at BD49 million (5%).
Non-oil re-exports
Non-oil re-exports increased by 4% to reach BD206 million during Q2 2024, compared to BD198 million for same quarter in 2023. The top 10 countries accounted for 86% of the re-exported value. The UAE ranked first with BD58 million (28%) followed by Saudi Arabia with BD39 million (19%) and UK with BD17 million (8%).
As per the report, turbo-jets worth BD65 million (32%) were the top product re-exported from Bahrain, followed by private cars with BD11 million (5%) and four-wheel drive with BD9 million (4%).
The value of non-oil imports has decreased by 4% reaching to BD1.41 billion in Q2 2024 in comparison with BD1.47 billion for same quarter in 2023. The top 10 countries for imports recorded 68% of the total value of imports.
China Bahrain’s biggest importer
China ranked first for imports to Bahrain, with a total of BD191 million (14%), followed by Brazil with BD157 million (11%) and Australia with BD112 million (8%).
Non-agglomerated iron ores and concentrates were the top product imported to Bahrain worth BD200 million (14%), followed by other aluminum oxide with BD101 million (7%) and parts for aircraft engines with BD41 million (3%).
As for the trade balance, which represents the difference between exports and imports, the deficit logged was BD310 million in Q2 2024 compared to BD322 million in Q2 2023.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
