Lucid signs deal with Saudi Arabia on purchase of up to 100,000 EVs

Lucid Group, Inc., an electric vehicle manufacturer based in America, has inked a deal with the Saudi Arabia Government, under which the government is expected to buy 100,000 vehicles over a period of ten-year, with an initial agreement to buy 50,000 vehicles and a choice to buy up to 50,000 vehicles more over the same period.

Peter Rawlinson, CEO and CTO of Lucid, said that delivering almost 100,000 electric vehicles in Saudi Arabia will help Lucid reach another milestone of accelerating sustainable transportation across the world. 

He told that Lucid is excited to support Saudi Arabia in accomplishing its sustainability goals and net-zero ambitions as cited in Saudi Vision 2030 and Saudi Green initiative, by delivering Lucid advanced luxury electric vehicles (EVs) to Saudi Arabia.

As per the deal, Saudi Arabia Government has committed to buy vehicles including Lucid Air and several other future projects which will be built and assembled in the existing Arizona factory and its future international manufacturing unit in Saudi Arabia.

The quantity of the order is anticipated to range between 1,000 to 2,000 EVs annually and increase up to 4,000 to 7,000 EVs annually in 2025.

This move will also help the Saudi Arabia Government to diversify its economy, offer numerous highly skilled job opportunities and provide economic benefit to the country.

The purchase price of the electric vehicles will be based on the standard retail price for the applicable EV in the US and the lower standard retail price for the applicable EV in Saudi Arabia, along with the logistics, importation and other costs of delivering.

The Lucid group, established in 2007, aims to inspire the world to adopt sustainable energy by creating highly advanced technologies and enthralling luxury EVs centered around human experience. Lucid’s first car Lucid Air is a luxury sedan that was recognized as the MotorTrend Car of the year 2022. The customer deliveries of Lucid Air are underway.

Source Credit: https://www.prnewswire.com/news-releases/lucid-announces-deal-for-purchase-of-up-to-100-000-electric-vehicles-301533557.html