US Lucid Signs Contract to Supply Up to 100,000 Electric Vehicles to Saudi Government

Lucid Air electric car
[Image source=Reuters Yonhap News]

[Asia Economy Reporter Jeong Hyunjin] American electric vehicle company Lucid has signed a contract with the Saudi Arabian government to supply up to 100,000 electric vehicles over the next 10 years, CNBC reported on the 26th (local time).

According to the report, Lucid announced that it signed a contract with the Saudi Ministry of Finance to sell 50,000 electric vehicles over the next 10 years, and the contract also includes an option to purchase an additional 50,000 vehicles. Saudi Arabia holds a 61% stake in Lucid through its sovereign wealth fund, the Public Investment Fund (PIF).

Lucid explained that it plans to supply 1,000 to 2,000 electric vehicles annually to Saudi Arabia starting no later than next year, and increase the supply to 4,000 to 7,000 vehicles annually from 2025. Currently producing the luxury sedan "Air" at its Arizona factory, Lucid plans to build a second factory with an annual production capacity of 150,000 vehicles in Saudi Arabia starting in the second half of this year.

Following this news, Lucid's stock price rose 5.4% in after-hours trading.

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