Lucid, a luxury electric vehicle manufacturer in the United States, announced that it has reached an agreement with the Saudi Arabian government to purchase a total of 100,000 new electric vehicles, including Air coupes, within 10 years. Deliveries began in the second quarter of 2023 at the latest, with an initial target of 2,000 units per year, and has since increased year by year.
Lucid also said that it will build a new international factory in Saudi Arabia to provide local talent employment opportunities, assist industrial transformation and promote economic development, and achieve the government's national development vision 2030.
Using satisfaction to determine the final volume may affect the direction of new car development
Of the 100,000 new cars that the Saudi Arabian government has agreed with Lucid, 50,000 are guaranteed by the Saudi government, and the other 50,000 will be decided whether to buy more depending on the situation. Among the models in this agreement, in addition to the electric coupe Air, it also includes a number of electric new cars that the brand will launch in the future. If we want to increase the number of eventual sales to Saudi Arabia as much as possible, it is necessary to provide satisfactory quality and service. It is worth paying attention to whether the procurement case will affect the research and development direction of future models.
Since Saudi Arabia's sovereign wealth fund now holds about 62% of Lucid's equity, the Saudi arabian official large-scale purchase is a positive support for Lucid, which will also benefit the sovereign fund as Lucid's largest shareholder, and the subsequent benefits in the electric vehicle industry are extremely considerable.
Saudi Arabia will deliver 7,000 new vehicles in 2025 to assist in the Middle East oil-to-power grand strategy
In the delivery plan of Lucid's agreement with the Saudi Arabian government, 1-2 thousand new electric vehicles will be delivered each year at the earliest, starting in the second quarter of 2023 at the latest. In addition to its plant in Arizona, the brand will also build a new international production base in Saudi Arabia in the future, and the number of deliveries to the government is expected to increase to 4-7 thousand vehicles per year by 2025.
As one of Lucid's largest investors, the Government of Saudi Arabia, in addition to injecting brand development through this purchase, can also introduce the latest electric vehicle technology to provide employment opportunities for local talents and promote industrial transformation, help oil-producing countries achieve the 2030 National Development Vision, and enhance economic and technological competitiveness.
Following Tesla's example, flagship models attract attention, and then push parity models to compete for market share
The Lucid Air, which was only officially delivered in October 2021, has a range of more than 800 kilometers and excellent performance of 1,000 horsepower. Built with a 900V high-voltage architecture system, it can complete 10-80% of the charge in 20 minutes when conditions are met. The equivalent price of RMB is nearly 1.15 million. It is rumored that the brand will launch affordable basic models in the future, and whether it can replicate the successful model and become a real Tesla killer is worth waiting and seeing in the car industry.