Lucid Seals Deal With Saudi Arabia For Purchase Of 100,000 Electric Cars

Lucid Group, Inc. announced that it has sealed a deal with the Government of Saudi Arabia, to purchase up to 100,000 electric cars over ten years, with an initial commitment to purchase 50,000 vehicles and an option to purchase up to an additional 50,000 vehicles over the same period.

Lucid's CEO and CTO, Peter Rawlinson said that the deal will serve as another pivotal movement to enable the company to sustain transportation worldwide on Tuesday.

"Delivering up to 100,000 Lucid electric cars in Saudi Arabia represents another pivotal moment in our acceleration of sustainable transportation worldwide,"

"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," Rawlinson added.

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 from 2025, with the delivery of the vehicles required to commence no later than the second quarter of 2023.