Lucid sells 100,000 Lucid Stromers to BAE

Lucid sells 100,000 Lucid Stromers to BAE

Lucid's largest shareholder is the Saudi Arabian sovereign wealth fund Public Investment Fund (PIF),

It is not surprising that the largest single order to date has also come from there. The American start-up announced that it had reached an agreement with the government of Saudi Arabia, according to which the government will buy up to 100,000 vehicles for ten years. This involves an initial commitment to buy 50,000 vehicles and an option to buy up to another 50,000 over the same period.

The Saudi Arabian government has committed to purchasing e-vehicles from Lucid, including the Lucid Air and other future models that will be built at the existing Arizona factory and the future international production facility in Saudi Arabia. Order volumes are expected to be between 1,000 and 2,000 vehicles per year, increasing to between 4,000 and 7,000 vehicles per year from 2025, with deliveries of the vehicles to begin no later than the second quarter of 2023.

The plant in Saudi Arabia is expected to be built by 2025 or 2026. Details are currently being negotiated with ministries in the kingdom, including the specific location of the production facility. The vehicles will be priced based on the lower the standard selling price for the vehicle in question in Saudi Arabia and the standard selling price for the vehicle in question in the United States, Lucid said. This will also include logistics and import costs. 

Previous newsHertz: "2022 will be the year of electric mobility in the rental car industry"
Next newsTriton to build e-vehicles in India