Saudi PIF-backed electric car company Lucid Motors enters Saudi Arabia, UAE markets
Lucid Motors, a US-based electric car manufacturer, announced that it would be entering select markets in the Middle East, starting with Saudi Arabia and the UAE.
The company is backed by the Public Investment Fund, Saudi Arabia’s sovereign wealth fund (SWF), and received a $1 billion investment from the SWF in 2018 to get its first electric car model into production.
Customers in the UAE and Saudi Arabia can reserve their Lucid Air sports sedan for around $1,000, with deliveries of the car expected in late 2021.
The Lucid Air boasts up to 1,000 horsepower, a range of over 400 miles per charge, and can travel from zero to 60 miles per hour in under 2.5 seconds, the company said in a statement.
“The Middle East is in a unique position to help ensure the growth of the electric vehicle market worldwide, and we are very excited to offer the Lucid Air in a region that is expected to become a key market,” said Peter Rawlinson, CEO and CTO, Lucid Motors.
The production version of the Lucid Air is expected to debut later this year, along with final interior and exterior designs, available configurations, and pricing information.
“As the region actively diversifies from traditional industries and explores new renewable energy sources, including solar and wind, Lucid will be able to offer a pure-electric vehicle that meets the unique needs of consumers, including real inter-city range alongside unsurpassed power and luxury,” Rawlinson added.