US electric car manufacturer Lucid Motors has entered into an agreement with the government of Saudi Arabia to purchase up to 100,000 vehicles from Lucid over a ten-year period.
The agreement with the Ministry of Finance includes a commitment to buy an initial 50,000 electric cars and an option for a further 50,000 vehicles. This concerns Lucid’s debut model Air as well as upcoming models from the manufacturer. So far, an electric SUV called Gravity is planned on the manufacturer’s ‘Leap’ platform in addition to the electric sedan.
In concrete terms, Lucid says it will initially order between 1,000 and 2,000 vehicles per year. Deliveries are to start in the second quarter of 2023 at the latest. From 2025, the annual volume is then to increase to 4,000 to 7,000 vehicles.
As is well known, the large order is not Lucid’s first connection to the Saudi Ministry of Finance: Lucid is planning a factory in Saudi Arabia. The Saudi sovereign wealth fund PIF (Public Investment Fund) has been a major investor in Lucid for years.
“Delivering up to 100,000 Lucid electric vehicles in Saudi Arabia represents another pivotal moment in our acceleration of sustainable transportation worldwide,” said Peter Rawlinson, CEO and CTO of Lucid. “We are delighted to be supporting Saudi Arabia in achieving its sustainability goals and net zero ambitions, as outlined by Saudi Vision 2030 and the Saudi Green Initiative, by bringing our advanced luxury EVs to Saudi Arabia.”
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