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

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

Lucid Motors

Lucid Group said that the authorities of Saudi Arabia has agreed to get up to 100,000 of its electric autos more than the subsequent 10 several years.

Saudi Arabia’s public wealth fund holds an around 62% stake in the U.S.-based mostly automaker, which commenced manufacturing of its Air luxury sedan very last September.

Lucid’s shares had been up more than 5% in after-hrs trading subsequent the news.

Saudi Arabia’s Ministry of Finance has agreed to acquire at minimum 50,000 of its vehicles in excess of the following 10 years, with an choice to get an further 50,000 more than the similar time period, Lucid claimed.

The buys will include things like motor vehicles designed at Lucid’s existing factory in Arizona as nicely as a new factory it programs to establish in Saudi Arabia, and will be a mix of Air sedans and impending new designs.

Saudi Arabia’s preliminary orders will be modest, between 1,000 and 2,000 autos for each yr starting off in 2023. Deliveries to the oil-loaded kingdom will raise to concerning 4,000 and 7,000 per year starting up in 2025, Lucid said.

Supply-chain difficulties have hampered Lucid’s endeavours to ramp up manufacturing at its Arizona manufacturing unit. The corporation in February slashed its 2022 creation assistance, expressing it expects to establish just 12,000 to 14,000 vehicles this year, down from the 20,000 it experienced beforehand forecast.