Lucid Group confirms large order of 100,000 electric vehicles

And Tesla demonstrates its ability to produce large volumes of electric vehicles quarter after quarter, this is still not really the case for the other pure players in the sector.

One of the most serious competitors, Lucid Groupalready offered with the Lucid Air an attractive alternative which has yet to be translated into firm orders. The manufacturer’s share price has also been heckled in recent quarters and has lost ground.

To reassure its shareholders, the firm announced an order for 100,000 electric vehicles by the government of Saudi Arabia (the Saudi public investment fund is the company’s majority shareholder) to be honored over the next 10 years.

Half of the order constitutes a firm offer, the rest being optional depending on Lucid Group’s expectations and production capacities at its AMP-1 site in Arizona and then at a plant in Saudi Arabia.

The agreement provides that the first deliveries will have to start from the second quarter of 2023 and ensure 1000 to 2000 annual deliveries at the beginning then 4000 to 7000 deliveries from 2025.

They will first concern the Lucid Air model and then the other models to come, such as the Lucid Gravity SUV. This massive order is part of the Saudi Vision 2030 and Saudi Green Initiative programs focused on energy transition and the transition to renewable energies.

Source: GNT – actualités by

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