Luxury EV maker Lucid scores order from Saudi government for up to 100,000 vehicles

Luxury EV maker Lucid scores order from Saudi government for up to 100,000 vehicles


With 1,050 horsepower, the new Grand Touring Performance edition becomes the most powerful version of Lucid’s electric Air sedan.

Lucid Motors

Lucid Group said that the government of Saudi Arabia has agreed to buy up to 100,000 of its electric vehicles over the next ten years.

Saudi Arabia’s public wealth fund holds an approximately 62% stake in the U.S.-based automaker, which began production of its Air luxury sedan last September.

Lucid’s shares were up more than 5% in after-hours trading following the news.

Saudi Arabia’s Ministry of Finance has agreed to buy at least 50,000 of its vehicles over the next 10 years, with an option to buy an additional 50,000 over the same period, Lucid said.

The purchases will include vehicles built at Lucid’s existing factory in Arizona as well as a new factory it plans to build in Saudi Arabia, and will be a mix of Air sedans and upcoming new models.

Saudi Arabia’s initial orders will be modest, between 1,000 and 2,000 vehicles per year starting in 2023. Deliveries to the oil-rich kingdom will increase to between 4,000 and 7,000 per year starting in 2025, Lucid said.

Supply-chain challenges have hampered Lucid’s efforts to ramp up production at its Arizona factory. The company in February slashed its 2022 production guidance, saying it expects to build just 12,000 to 14,000 vehicles this year, down from the 20,000 it had previously forecast.



Source

Moderna to slash 10% of workforce as biotech cuts costs, Covid shot sales slow
World

Moderna to slash 10% of workforce as biotech cuts costs, Covid shot sales slow

The Moderna Inc. headquarters in Cambridge, Massachusetts, on March 26, 2024. Adam Glanzman | Bloomberg | Getty Images Moderna on Thursday said it plans to slash roughly 10% of its global workforce by the end of the year, as Covid shot sales continue to dwindle and the company grapples with uncertainty in the vaccine market.  […]

Read More
Microsoft and Amazon are hurting cloud competition, UK regulator finds
World

Microsoft and Amazon are hurting cloud competition, UK regulator finds

Attendees walk through an exposition hall at AWS re:Invent, a conference hosted by Amazon Web Services, in Las Vegas on Dec. 3, 2024. Noah Berger | Getty Images LONDON — Britain’s competition regulator on Thursday declared that Microsoft and Amazon are hurting competition in the cloud computing industry and called for a further probe under […]

Read More
Shares of world’s largest brewer AB InBev tumble 9% on declining volumes
World

Shares of world’s largest brewer AB InBev tumble 9% on declining volumes

Budweiser beer cans displayed for sale in a supermarket. Sopa Images | Lightrocket | Getty Images Shares of AB InBev plunged as much as 11% Thursday after the world’s largest brewer posted a worse-than-feared decline in second-quarter volumes, even as revenues and profits surged ahead. The Budweiser maker said volumes declined 1.9% year-on-year over the […]

Read More