Lucid signs deal with Saudi Arabia for up to 100,000 EVs:
Electric carmakerGroup on Tuesday said it has signed an agreement with the government of Saudi Arabia for the purchase of up to 100,000 of its vehicles over the next 10 years.
Saudi Arabia commits to purchase 50,000 vehicles under the agreement, with an option to buy an additional 50,000 vehicles during the ten-year time frame, Lucid said in a statement.The deal marks the latest tie-up between the California-based EV company and Saudi Arabia, whose Public Investment Fund is Lucid's largest shareholder, with about a 61% stake in the company.
Lucid, which currently manufactures its vehicles at a plant in Arizona, also plans to build its first overseas production factory in Saudi Arabia later this year, where it expects to eventually manufacture up to 150,000 vehicles per year.Delivery of the vehicles is expected to start no later than 2023, with order numbers initially ranging from 1,000 to 2,000 annually, and increasing to between 4,000 and 7,000 starting in 2025.
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