Lucid to Sell Up to 100,000 Electric Vehicles to Saudi Arabia

In an effort to diversify its fleet to be more environmentally friendly, Saudi Arabia has signed a purchase agreement with Lucid Motors to buy up to 100,000 electric vehicles over a ten-year period.

The Saudi ministry of finance pointed out in a statement that the agreement with Lucid is a significant move that supports Vision 2030’s key objectives, including diversifying and transforming the economy and society of the people and creating skilled jobs for future generations of Saudi Arabia.

The purchase deal with Lucid, where the Kingdom’s sovereign wealth fund PIF owns a considerable stake, is also in line with the Saudi Green Initiative and the Middle East Green Initiative.

Saudi Ministry of finance reminded that Lucid is building its first electric vehicle factory – the first for Lucid outside the US – to assemble these vehicles within the Kingdom, which will have a capacity to produce up to 150,000 EVs every year and will transition to full production over time.

The factory will provide economic benefit to the Kingdom in line with Vision 2030 and support the Saudi government’s local content drive, diversifying the economy and providing thousands of highly skilled job opportunities.

The Kingdom’s ambition is also to become a major regional and global manufacturing base for the next generation of EVs since many other governments are considering making orders.

This will also provide Saudi Arabia with the opportunity to work with Lucid on the development of new models and vehicles to suit the government’s vehicular needs.

The Saudi government plans to replace 30% of all vehicles in the capital city Riyadh with EVs by 2030.

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