Under an agreement announced Monday, the Saudi government will buy up to 100,000 Lucid electric cars over a 10-year period, with initial delivery set to begin in the second quarter of 2023.
According to a Lucid press release, the deal includes an initial pledge of 50,000 cars, with the option to purchase another 50,000, including Lucid Air and “other future models”.
The cars will be manufactured at Lucid’s current Arizona factory, and future assembly facilities in Saudi Arabia were announced earlier this year. It is scheduled to open in 2025 with a potential production capacity of 150,000 vehicles per year.
Lucid rendering Saudi Arabia
According to Lucid, the order cadence is expected to grow to 1,000 to 2,000 vehicles annually and from 2025 to 4,000 to 7,000 vehicles annually.
Lucid said the purchase price would be based on “lower than the standard retail price for cars applicable in Saudi Arabia and the applicable retail price for cars applicable in the United States.”
Lucid Project Gravity – From the video clip during the air debut
This continued relationship that began in 2018, when Saudi Arabia’s public investment fund acquired a stake in American EV Company, providing it with the capital needed to develop the wind and cross the finish line to set up its Arizona assembly plant.
That plant began producing Lucid Air in September. The Air has received generally good press, including our Green Car Report Best Car to Buy 2022 Award.
A second model codenamed Project Gravity is set to be built in 2024, promising to be a “super-high-efficiency” electric SUV different from any other so far. This could be a “future model” included in the Saudi agreement.