- Purchase commitment by the Government of Saudi Arabia by the Ministry of Finance to
include award-winning Lucid Air and future Lucid models
- Among one of the largest-ever purchase commitments of its
kind for sustainable electric vehicles
- Ten-year deal is part of Saudi Vision 2030 and Saudi Green
Initiative to transform the Kingdom via sustainable transportation
and technologies
NEWARK,
Calif., April 26, 2022 /PRNewswire/ -- Lucid
Group, Inc. (NASDAQ: LCID), setting new standards with the
longest-range, fastest-charging electric car on the market, today
announced an agreement with the Government of Saudi Arabia, under which the Government will
purchase up to 100,000 vehicles over a ten-year period, with an
initial commitment to purchase 50,000 vehicles and an option to
purchase up to an additional 50,000 vehicles over the same
period.
"Delivering up to 100,000 Lucid electric vehicles in
Saudi Arabia represents another
pivotal moment in our acceleration of sustainable transportation
worldwide," said Peter Rawlinson,
Lucid's CEO and CTO. "We are delighted to be supporting
Saudi Arabia in achieving its
sustainability goals and net zero ambitions, as outlined by Saudi
Vision 2030 and the Saudi Green Initiative, by bringing our
advanced luxury EVs to Saudi
Arabia."
As part of the agreement, the Government of Saudi Arabia has pledged to purchase vehicles,
including Lucid Air and other future models, built and assembled at
Lucid's existing Arizona factory
and its future international manufacturing facility in Saudi Arabia. The order quantity is expected
to range from 1,000 to 2,000
vehicles annually and increase to between 4,000 and 7,000 vehicles
annually starting in 2025, with the delivery of the vehicles
required to commence no later than the second quarter of 2023.
This will support the government's drive to diversify the
economy, provide thousands of highly skilled job opportunities and
provide economic benefit to the Kingdom in line with Vision
2030.
The purchase price of the vehicles will be determined based on
the lower of the standard retail price for the applicable vehicle
in Saudi Arabia and the standard
retail price for the applicable vehicle in the United States, plus the logistics and
importation costs and other costs of delivering and homologating
vehicles to regulations of Saudi
Arabia.
About Lucid Group
Lucid's mission is to inspire the adoption of sustainable energy by
creating advanced technologies and the most captivating
luxury electric vehicles centered around the human
experience. The company's first car, Lucid Air, is a
state-of-the-art luxury sedan with a California-inspired
design that features luxurious full-size interior space in a
mid-size exterior footprint. Underpinned by race-proven battery
technology and proprietary powertrains developed entirely
in-house, Lucid Air was named the 2022 MotorTrend Car of
the Year®. The Lucid Air Grand Touring features an official EPA
estimated 516 miles of range or 1,050 horsepower. Customer
deliveries of Lucid Air, which is produced at Lucid's factory
in Casa Grande, Arizona, are
underway.
Media Contact
media@lucidmotors.com
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their respective owners.
Forward Looking Statements
This communication includes
"forward-looking statements" within the meaning of the "safe
harbor" provisions of the United States Private Securities
Litigation Reform Act of 1995. Forward-looking statements may be
identified by the use of words such as "estimate," "plan,"
"project," "forecast," "intend," "will," "expect," "anticipate,"
"believe," "seek," "target," "continue," "could," "may," "might,"
"possible," "potential," "predict" or other similar expressions
that predict or indicate future events or trends or that are not
statements of historical matters. These forward-looking statements
include, but are not limited to, statements regarding Lucid's
expectations regarding the Government of Saudi Arabia's commitment to purchase
vehicles, Lucid's ability to produce and deliver vehicles,
production and delivery volumes, timing of deliveries, pricing,
future manufacturing capabilities and facilities, the promise of
Lucid's technology, and performance, range, and other features of
the Lucid Air. These statements are based on various
assumptions, whether or not identified in this communication, and
on the current expectations of Lucid's management and are not
predictions of actual performance. These forward-looking statements
are provided for illustrative purposes only and are not intended to
serve as, and must not be relied on by any investor as, a
guarantee, an assurance, a prediction or a definitive statement of
fact or probability. Actual events and circumstances are difficult
or impossible to predict and will differ from assumptions. Many
actual events and circumstances are beyond the control of Lucid.
These forward-looking statements are subject to a number of risks
and uncertainties, including factors discussed under the heading
"Risk Factors" in Lucid's Annual Report on Form 10-K for the year
ended December 31, 2021, as well as other documents Lucid
has filed or will file with the Securities and Exchange
Commission. If any of these risks materialize or Lucid's
assumptions prove incorrect, actual results could differ materially
from the results implied by these forward-looking statements. There
may be additional risks that Lucid presently does not know or that
Lucid currently believes are immaterial that could also cause
actual results to differ from those contained in the
forward-looking statements. In addition, forward-looking statements
reflect Lucid's expectations, plans or forecasts of future events
and views as of the date of this communication. Lucid anticipates
that subsequent events and developments will cause Lucid's
assessments to change. However, while Lucid may elect to update
these forward-looking statements at some point in the future, Lucid
specifically disclaims any obligation to do so. These
forward-looking statements should not be relied upon as
representing Lucid's assessments as of any date subsequent to the
date of this communication. Accordingly, undue reliance should not
be placed upon the forward-looking statements.
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SOURCE Lucid Motors