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Saudi Arabia has announced that it will purchase up to 100,000 Lucid vehicles over a ten-year period as part of its plans to achieve sustainability goals and net zero ambitions.
As part of the agreement, Saudi Arabia has pledged to buy 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 oil-rich kingdom is expected to order 1,000 to 2,000 vehicles annually and increase to between 4,000 and 7,000 vehicles annually starting in 2025. The delivery of the vehicles should start no later than the second quarter of 2023, the luxury electric car manufacturer said in a statement.
"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," the statement said.
(Writing by Seban Scaria; editing by Daniel Luiz)
