Saudi Arabia has reached a deal with Lucid Group, a US electric vehicle (EV) maker, to buy up to 100,000 EVs over a ten-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. 

 

Saudi Arabia’s sustainability goals

“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.”

 

As part of the agreement, the Government of Saudi Arabia 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. 

 

Diversifying the economy

This will support 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.

 

The purchase price of the vehicles will be determined based on the lower of the standard retail price for the applicable vehicle in Saudi Arabia and the standard retail price for the applicable vehicle in the US, plus the logistics and importation costs and other costs of delivering and homologating vehicles to regulations of Saudi Arabia.-- TradeArabia News Service