The Lucid Air has just touched down in Saudi Arabia and is now available to lease. Given how important the Saudi Arabian market is for the future of the brand, this represents a significant milestone.
The American startup commenced shipments of the Air to Saudi Arabia last week and it is now available through a selection of different leasing companies. It is not yet clear how much locals will have to pay to get behind the wheel of the luxurious EV but in the U.S., the cheapest model is available from $995 per month for 36 months. Leases increase to $1,299/month for the Touring and $1,499/month for the Grand Touring variants.
Saudi Arabia has proven to be a loyal investor in Lucid over the past few years. In fact, it has poured billions into the company and most recently invested an additional $1.8 billion, meaning it now owns a 60.5% stake. Saudi Arabia’s Public Investment Fund’s stake in Lucid is worth approximately $9 billion.
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The Kingdom hasn’t just made significant investments in Lucid, but in 2022 it announced that it would purchase at least 50,000 Lucid EVs over the next ten years with the option to buy an additional 50,000 over the same period. In addition, Lucid is currently building a new manufacturing factory in King Abdullah Economic City in Saudi Arabia that will re-assemble Air models pre-built at its facility in Casa Grande, Arizona. Production at the site is expected to reach full capacity in 2024 and will be able to build 155,000 EVs annually.
Lucid is also eyeing other ways to make money. In June it was confirmed that it had established a $450 million deal with Aston Martin to provide the British sportscar manufacturer with its electric motors, battery technology, and advanced charging unit. Lucid chief executive Peter Rawlinson says the firm hopes to establish other licensing deals in the future.
