With 1,050 horsepower, the brand new Grand Traveling Efficiency version turns into essentially the most robust model of Lucid’s electrical Air sedan.
Lucid Motors
Lucid Team mentioned that the federal government of Saudi Arabia has agreed to shop for as much as 100,000 of its electrical automobiles over the following ten years.
Saudi Arabia’s public wealth fund holds an roughly 62% stake within the U.S.-based automaker, which started manufacturing of its Air luxurious sedan final September.
Lucid’s stocks had been up greater than 5% in after-hours buying and selling following the inside track.
Saudi Arabia’s Ministry of Finance has agreed to shop for no less than 50,000 of its automobiles over the following 10 years, with an possibility to shop for an extra 50,000 over the similar length, Lucid mentioned.
The purchases will come with automobiles constructed at Lucid’s current manufacturing unit in Arizona in addition to a brand new manufacturing unit it plans to construct in Saudi Arabia, and can be a mixture of Air sedans and upcoming new fashions.
Saudi Arabia’s preliminary orders can be modest, between 1,000 and a couple of,000 automobiles in line with 12 months beginning in 2023. Deliveries to the oil-rich kingdom will build up to between 4,000 and seven,000 in line with 12 months beginning in 2025, Lucid mentioned.
Provide-chain demanding situations have hampered Lucid’s efforts to ramp up manufacturing at its Arizona manufacturing unit. The corporate in February slashed its 2022 manufacturing steerage, announcing it expects to construct simply 12,000 to fourteen,000 automobiles this 12 months, down from the 20,000 it had prior to now forecast.