Lucid Group, Inc. LCID shares are trading slightly higher on Thursday.
According to Benzinga Pro, LCID stock has lost over 52% in the past year. Investors can gain exposure to the stock via IShares Self-Driving EV And Tech ETF IDRV and IShares Self-Driving EV And Tech ETF RNEW.
Today, Graphite One Inc. GPHOF inked a non-binding supply agreement with Lucid Group planning a complete domestic U.S. supply chain for advanced graphite materials.
Read Also: US Economy Expands 2.8% In Q2, Tops Estimates; Weekly Jobless Claim Fall
“Through work with partners like Graphite One, we will have access to American-sourced critical raw materials, helping power our award-winning vehicles made with pride in Arizona,” said Peter Rawlinson, CEO and CTO at Lucid.
The Supply Agreement is non-binding providing for 5,000 tpa once Graphite One commences production of synthetic graphite. The initial term is for 5 years, subject to earlier termination.
“This is a historic moment for Graphite One, Lucid and North America: the first synthetic graphite Supply Agreement between a U.S. graphite developer and U.S. EV company,” said Anthony Huston, President and CEO of Graphite One.
“G1 is excited to continue pushing forward developing our 100% U.S. domestic supply chain,” Huston added.
Conditional on securing project financing for the anode active materials, or AAM facility, the Supply Agreement with Lucid positions G1 to generate revenue starting in 2027.
California-based Lucid’s flagship vehicle, Lucid Air, delivers best-in-class performance and efficiency. It starts at $69,900 and has been recognized with several awards.
Lucid said it is preparing its state-of-the-art, vertically integrated factory in Arizona to begin production of the Lucid Gravity SUV.
Price Action: LCID shares are trading higher by 0.76% to $3.305 at last check Thursday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Shutterstock
Read Next:
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
