In a deal announced Monday, the Saudi Arabian government will purchase up to 100,000 Lucid electric cars over a 10-year period, with initial deliveries scheduled to start by the second quarter of 2023.
The deal includes an initial commitment of 50,000 vehicles, with an option to purchase 50,000 more, including the Lucid Air and “other future models,” according to a Lucid press release.
The cars will be built at Lucid’s current Arizona factory and a future assembly facility in Saudi Arabia announced earlier this year. It’s scheduled to open in 2025 with a potential production capacity of 150,000 vehicles per year.
Lucid Saudi Arabia rendering
The order cadence 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, according to Lucid.
Purchase prices will be 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,” along with shipping, importation, and homologation costs, Lucid said.
Lucid Project Gravity – from video clip during Air debut
This continues relationship that began in 2018, when Saudi Arabia’s Public Investment Fund took a stake in the American EV company, giving it the capital needed to cross the finish line in development of the Air and establishing its Arizona assembly plant.
A second model codenamed Project Gravity is due in 2024, promising to be an “ultra-high-efficiency” electric SUV unlike any other so far. It could be one of the “future models” included in the Saudi deal.