Lucid Motors announces agreement with Gov’t of Saudi Arabia to purchase up to 100k EVs over the next decade

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Lucid Group has announced a caller statement with long-time protagonist Saudi Arabia and its Ministry of Finance. Under the presumption of the agreement, the Government of Saudi Arabia has committed to purchasing 50,000 EVs from Lucid Motors implicit the adjacent 10 years, with the enactment to acquisition an further 50k implicit that aforesaid timeframe.

Lucid Motors is an American automaker whose EV accumulation is conscionable opening to prime up pursuing archetypal deliveries of its Dream Edition Air sedan this past fall. The adjacent trim of the Air – the Grand Touring, has precocious begun deliveries arsenic good and volition beryllium joined by an adjacent speedier Performance version.

We got the accidental to visit Lucid’s AMP-1 facility successful Casa Grande, Arizona, wherever the Airs are built, and it’s a marvel. With the 2nd of 4 planned enlargement phases already underway, Lucid is gearing up for immoderate large EV output. This should soon see the automaker’s 2nd model, the Gravity SUV.

Looking back, Lucid whitethorn not person reached this tipping constituent of scaled accumulation if it weren’t for a monolithic influx of funding from the Public Investment Fund of Saudi Arabia (PIF) backmost successful 2018. In 2021, rumors began to swell that the $1 cardinal concern from PIF was contingent upon Lucid building a manufacturing facility successful Saudi Arabia.

While its middle-eastern EV works remains a blueprint for the clip being, EVs yet built determination volition beryllium sold to the Government of Saudi Arabia. For now, Lucid volition beryllium shipping EVs built successful Arizona overseas to statesman filling 1 of the largest commitments for an EV acquisition ever.

Lucid Saudi ArabiaLucid’s upcoming Gravity SUV. One of the EVs that could soon beryllium sold and deliveries to Saudi Arabia / Source: Lucid MotorsSaudi Arabia commits to astatine slightest 50k Lucid EVs, possibly more

Lucid Group announced its caller acquisition committedness from the Government of Saudi Arabia successful a press release this afternoon. The acquisition of astatine slightest 50,000 Lucid EVs is portion of the Kingdom’s “Saudi Vision 2030” and “Saudi Green Initiative” sustainability strategies. Here’s however the bid breaks down:

First EV deliveries indispensable statesman nary aboriginal that Q2 of 2023. Order quantity is expected to scope from 1,000–2,000 EVs annually successful 2023–2024. That quantity is expect to summation to 4,000–7,000 EVs annually opening successful 2025 onward. Order includes the Lucid Air positive aboriginal EV models similar the Gravity. All EVs volition beryllium built and assembled astatine AMP-1 to commencement and yet followed by the planned installation successful Saudi Arabia. The Kingdom has committed to 50,000 EVs implicit the adjacent 10 years but tin acquisition an further 50,000 if desired.

Lucid CEO and CTO Peter Rawlinson commented connected the acquisition commitment:

Delivering up to 100,000 Lucid electrical vehicles successful Saudi Arabia represents different pivotal infinitesimal successful our acceleration of sustainable proscription worldwide. We are delighted to beryllium supporting Saudi Arabia successful achieving its sustainability goals and nett zero ambitions, arsenic outlined by Saudi Vision 2030 and the Saudi Green Initiative, by bringing our precocious luxury EVs to Saudi Arabia.

According to Lucid, the acquisition terms of its electrical vehicles volition beryllium determined based connected whichever is little – the modular retail terms for the applicable conveyance successful Saudi Arabia, oregon the modular retail terms for the EV successful the United States, positive logistics, import costs, and different costs of delivering vehicles to conscionable regulations successful Saudi Arabia.

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