America’s electric vehicle manufacturer Lucid Group has announced that it has signed an agreement with the Government of Saudi Arabia, under which the Government will purchase up to 100,000 vehicles over a ten-year period. Saudi Arabia has made an initial commitment to purchase 50,000 vehicles and an option to purchase up to an additional 50,000 vehicles over the same period. Lucid Group claims that this sets new standards with the longest-range, fastest-charging electric car in the market. Lucid Group clearly positions itself in the luxury category for electric cars.
Peter Rawlinson, Lucid’s CEO and CTO, said, “Delivering up to 100,000 Lucid electric vehicles in Saudi Arabia represents another pivotal moment in our acceleration of sustainable transportation worldwide. 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.”
As part of the agreement, Saudi Arabia will be purchasing vehicles that will include Lucid Air and other future models, built and assembled at Lucid’s existing Arizona factory in the USA and its future international manufacturing facility in Saudi Arabia.
Lucid Air is the first electric car of the company which Lucid claims to have race-proven battery technology and proprietary powertrains developed entirely in-house. Lucid Air was named the 2022 MotorTrend Car of the Year.
The order quantity is expected to range from 1,000 to 2,000 vehicles annually. Lucid Group says that this will increase to between 4,000 and 7,000 vehicles annually starting 2025. The actual delivery of the vehicles required will commence no later than the second quarter of 2023.
Lucid informs that this will support the government’s drive to diversify the economy, provide thousands of highly skilled job opportunities and provide economic benefit to the Kingdom.
The purchase price of the vehicles will be determined based on the lower of the standard retail price for the applicable vehicle in Saudi Arabia and the standard retail price for the applicable vehicle in the United States, plus the logistics and importation costs and other costs of delivering and homologating vehicles to regulations of Saudi Arabia.
