Lucid has a deal to sell up to 100,000 electric vehicles

Posted at 8:36 AM, Apr 28, 2022
and last updated 2022-04-28 11:36:52-04

Luxury electric vehicle maker Lucid Group Inc. has struck a deal with Saudi Arabia for the purchase of up to 100,000 vehicles over 10 years.

Under the deal, the Saudi government committed to buying 50,000 vehicles with an option to buy 50,000 more during the same period from the Newark, California-based company. The first deliveries are required to begin no later than the second quarter of 2023.

The vehicles include the Lucid Air which is currently under production at Lucid’s manufacturing plant in Casa Grande in Pinal County south of Phoenix. The Saudi government will also buy other future models that will be assembled in Arizona and at a future manufacturing facility that will be built in Saudi Arabia.

Lucid said that the deal factors into the Saudi government’s drive to diversify its economy and provide skilled job opportunities. Lucid has previously said that its factory in Saudi Arabia, its first outside the United States, will be built by 2026.

Read more of this story from the Business Journal.