Lucid to provide up to 100,000 EVs to Saudi Arabia’s federal government

Lucid Air Grand Touring Performance debuts with 1,050 horsepower, 446-mile range

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With 1,050 horse power, the brand-new Grand Touring Performance edition ends up being the most effective variation of Lucid’s electrical Air sedan.

Lucid Motors

Lucid Group stated that the federal government of Saudi Arabia has actually consented to purchase up to 100,000 of its electrical automobiles over the next 10 years.

Saudi Arabia’s public wealth fund holds a roughly 62% stake in the U.S.-based car manufacturer, which started production of its Air high-end sedan last September.

Lucid’s shares were up more than 4% in after-hours trading following the news.

Saudi Arabia’s Ministry of Finance has actually consented to purchase least 50,000 of its automobiles over the next 10 years, with an alternative to purchase an extra 50,000 over the exact same duration, Lucid stated.

The purchases will consist of automobiles developed at Lucid’s existing factory in Arizona along with a brand-new factory it prepares to integrate in Saudi Arabia, and will be a mix of Air sedans and upcoming brand-new designs.

Saudi Arabia’s preliminary orders will be modest, in between 1,000 and 2,000 automobiles each year beginning in2023 Deliveries to the oil-rich kingdom will increase to in between 4,000 and 7,000 each year beginning in 2025, Lucid stated.

Supply- chain obstacles have actually obstructed Lucid’s efforts to increase production at its Arizona factory. The business in February slashed its 2022 production assistance, stating it anticipates to develop simply 12,000 to 14,000 automobiles this year, below the 20,000 it had actually formerly anticipated.