Oil Rich Saudi Arabia Purchases 100,000 Lucid Electric Vehicles

U.S EV automaker Lucid Group scores 100,000-Vehicle order from oil rich Saudi Arabia over a ten-year period.

Saudi Arabia will buy 50,000 Lucid EVs initially, with an option to purchase up to an additional 50,000 units.

The first deliveries of Lucid Air to Saudi Arabia is expected to commence no later than the second quarter of 2023.

Lucid Group Inc., an American electric vehicle manufacturer, has announced an agreement with the Government of Saudi Arabia, under which the oil rich Kingdom will purchase up to 100,000 vehicles over a ten-year period.

The initial commitment will see the purchase of 50,000 Lucid Electric Vehicles, with an option to purchase up to an additional 50,000 vehicles over the same period.

“Delivering up to 100,000 Lucid electric vehicles in Saudi Arabia represents another pivotal moment in our acceleration of sustainable transportation worldwide, said Peter Rawlinson, Lucid’s CEO and CTO.

“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.”

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As part of the agreement, the Government of Saudi Arabia has pledged to purchase vehicles, including Lucid Air and other future models, built and assembled at Lucid’s existing Arizona factory and its future international manufacturing facility in Saudi Arabia.

The order quantity is expected to range from 1,000 to 2,000 vehicles annually and increase to between 4,000 and 7,000 vehicles annually starting in 2025.

The first deliveries of Lucid Air to Saudi Arabia are required to commence no later than the second quarter of 2023, according to the official statement.

The ten-year deal is part of the government’s drive to diversify the economy, provide thousands of highly skilled job opportunities and provide economic benefit to the Kingdom in line with Vision 2030.

In 2018, Saudi Arabia’s sovereign wealth fund signed an agreement to invest more than $1 billion (₦415 billion in Naira) in Lucid Motors. The investment allows the roll out it’s first model, the lucid Air sedan, in 2020.

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