Electric manufacturer Lucid Group Inc announced it had signed a deal with the government of Saudi Arabia to purchase up to 100,000 of its vehicles in the next ten years.
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Saudi Arabia agrees to purchase 50,000 vehicles under the agreement, with an option to purchase extra 50,000 vehicles during the ten-year time frame.
The deal signals the recent arrangement between the EV company and Saudi Arabia, whose Public Investment Fund (PIF) is the largest shareholder of Lucid, with a nearly 61% stake in the company.
Lucid also plans to establish its first overseas production factory in Saudi Arabia later this year, where it projects to produce up to 150,000 vehicles per year.
Delivery of the vehicles is projected to start no later than 2023, with orders initially ranging around 1,000 to 2,000 yearly and increasing to between 4,000 and 7,000 beginning in 2025.
The Saudi government stated it would pay either the US or Saudi retail price, whichever is lower, in addition to import and other delivery costs.