Saudi Arab to Purchase up to 100,000 Lucid Electric Vehicles
Strategic Research Institute
Published on :
04 May, 2022, 6:30 am
Lucid Group Inc, setting new standards with the longest-range, fastest-charging electric car on the market, announced an agreement with the Government of Saudi Arabia, under which the Government will purchase up to 100,000 vehicles over a ten-year period, 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.
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 in 2025, with the delivery of the vehicles required to commence no later than the second quarter of 2023.
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 United States, plus the logistics and importation costs and other costs of delivering and homologating vehicles to regulations of Saudi Arabia.