Lucid has reached an agreement with the Government of Saudi Arabia that will see the electric car manufacturer sell the government up to 100,000 electric vehicles over a 10-year period.
Saudi Arabia’s Public Investment Fund owns a 61 per cent stake in Lucid. It has made an initial commitment to purchase 50,000 vehicles and has the option of purchasing an additional 50,000 EVs over the same period.
The Government of Saudi Arabia has pledged to purchase the all-electric Air sedan, as well as future Lucid models, that are built and assembled at the automaker’s factory in Arizona. Future models will also be produced at Lucid’s international manufacturing facility in Saudi Arabia.
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The deal will first see the Saudis order 1,000 to 2,000 vehicles annually before this increases to between 4,000 and 7,000 annually starting in 2025. Lucid is required to start delivering the first vehicles to the Saudi Arabian government no later than the second quarter of 2023.
The purchase price for each vehicle will be determined based on the lower end the standard retail price for an applicable vehicle in Saudi Arabia and the standard retail price of a comparable model in the United States. The price will also encompass the costs involved in logistics and importation costs, as well as the expense required to homologate the vehicles to the regulations of Saudi Arabia.
“Delivering up to 100,000 Lucid electric vehicles in Saudi Arabia represents another pivotal moment in our acceleration of sustainable transportation worldwide,” Lucid chief executive and chief technology officer Peter Rawlinson said. “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.”
