Saudi government to buy up to 100,000 units from US emerging EV Lucid in 10 years | Reuters

On April 26, US emerging electric vehicle (EV) maker Lucid Group announced that it has agreed with the Saudi Arabian government to deliver up to 100,000 units over the next 10 years. The photo is Lucid’s EV. Taken in September 2021 at a shopping center in Scottsdale, Arizona (2022 Reuters / Hyunjoo Jin)

[Reuters]— US emerging electric vehicle (EV) maker Lucid Group announced on the 26th that it has agreed with the Saudi Arabian government to deliver up to 100,000 units over the next 10 years.

The Saudi government has the option of purchasing 50,000 units and an additional 50,000 units in 10 years.

Following the announcement, Lucid’s share price rose 5.4% in after-hours trading.

Saudi government-affiliated fund “Public Investment Fund (PIF)” holds about 61% of Lucid’s stake.

Lucid is currently producing at its Arizona plant, but this year it will embark on its first overseas production at its Saudi plant. The Saudi plant will eventually aim to produce 150,000 units a year.

Delivery will start by 2023, orders will start from 1000-2000 units a year, and will reach 4000-7000 units in 2013.

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.