Tuesday, February 27, 2024
HomeAutomobileLucid to ship as much as 100,000 EVs to Saudi Arabia's authorities

Lucid to ship as much as 100,000 EVs to Saudi Arabia’s authorities

With 1,050 horsepower, the brand new Grand Touring Efficiency version turns into essentially the most highly effective model of Lucid’s electrical Air sedan.

Lucid Motors

Lucid Group stated that the federal government of Saudi Arabia has agreed to purchase as much as 100,000 of its electrical autos over the following ten years.

Saudi Arabia’s public wealth fund holds an approximately 62% stake within the U.S.-based automaker, which began production of its Air luxury sedan last September.

Lucid’s shares have been up greater than 4% in after-hours buying and selling following the information.

Saudi Arabia’s Ministry of Finance has agreed to purchase a minimum of 50,000 of its autos over the following 10 years, with an choice to purchase a further 50,000 over the identical interval, Lucid stated.

The purchases will embody autos constructed at Lucid’s current manufacturing unit in Arizona in addition to a brand new manufacturing unit it plans to construct in Saudi Arabia, and will probably be a mixture of Air sedans and upcoming new fashions.

Saudi Arabia’s preliminary orders will probably be modest, between 1,000 and a pair of,000 autos per yr beginning in 2023. Deliveries to the oil-rich kingdom will enhance to between 4,000 and seven,000 per yr beginning in 2025, Lucid stated.

Provide-chain challenges have hampered Lucid’s efforts to ramp up manufacturing at its Arizona manufacturing unit. The corporate in February slashed its 2022 production guidance, saying it expects to construct simply 12,000 to 14,000 autos this yr, down from the 20,000 it had beforehand forecast.

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