Lucid Group Signs Battery Supply Agreement With Panasonic Energy

Lucid Group Inc (NASDAQ:LCID) and Panasonic (OTC:PCRFY) Group company Panasonic Energy signed multi-year agreements to supply batteries for the luxury electric vehicle Lucid Air and the upcoming Gravity SUV.
Lucid Air is considered the fastest-charging, longest-range EV on the market.
The agreement will aid Panasonic's plans to expand production of lithium-ion EV batteries beyond Japan and into the U.S.
In addition to a facility in Japan, Panasonic recently announced a battery production facility in De Soto, Kansas.
"This agreement will help us meet the growing demand for lithium-ion batteries as we continue to ramp production of the full Lucid Air line-up in 2023 and expect to begin production of our Gravity SUV in 2024," said CEO and CTO Peter Rawlinson.
Price Action: LCID shares are trading lower by 1.63% at $8.15 on the last check Tuesday.
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