RIYADH: Saudi Arabia has reached a deal with Lucid Group, a US electric vehicle (EV) maker, to buy up to 100,000 EVs over a 10-year period, with an initial commitment to purchase 50,000 vehicles.
The deal includes an option to purchase up to an additional 50,000 vehicles over the same period, Lucid Group announced.
Lucid Group, which is setting new standards with the longest-range, fastest-charging electric car on the market, said the purchase commitment was made by Saudi Arabia’s Ministry of Finance and includes the award-winning Lucid Air and future Lucid models.
“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.
As part of the agreement, the Saudi government has pledged to purchase vehicles 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 and 2,000 vehicles annually and increase to between 4,000 and 7,000 vehicles annually starting in 2025, with the delivery of the vehicles required to commence no later than the second quarter of 2023.
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