.
.
.
.

Lucid CEO: Saudi Arabia is second-biggest market for car pre-orders

Published: Updated:

Saudi Arabia is the second-biggest market for luxury electric car manufacturer Lucid Group in terms of pre-orders, CEO Peter Rawlinson said on Thursday at the Future Investment Initiative (FII) conference in Riyadh.

Lucid Motors is an electric vehicle company with backing from Saudi Arabia’s Public Investment Fund (PIF).

For the latest headlines, follow our Google News channel online or via the app.

The Kingdom said earlier this week that at least 30 percent of cars in its capital would be electric by 2030, as the world’s biggest oil exporters seeks to reduce planet-warming emissions.

The target, announced on Saturday at the start of a Saudi climate conference, is part of a plan to halve carbon emissions in the city of 8 million people over the next nine years, said Fahd al-Rasheed, president of the Royal Commission for Riyadh City.

California-based Lucid is in talks with PIF to build an EV factory in the Kingdom, according to people familiar with the matter. Australia’s EV Metals Group Plc recently announced a project to invest $3 billion in Saudi Arabia to process minerals used in EV batteries.

In August, Lucid announced that it would be producing two distinct versions of its upcoming Lucid Air Dream Edition car.

The two versions are the Dream Edition Performance and the Dream Edition Range, each with a different focus. While the Dream Edition Performance features a powertrain optimized for speed and acceleration and boasts 1,111 horsepower, the Dream Edition Range only delivers 933 horsepower but will focus on providing the most amount of possible range to the user.

With Reuters.

Read more:

Saudi PIF’s investment in electric vehicle maker Lucid Motors to net $20 bln profit

Saudi Arabia to start electric-vehicle push in Riyadh: Official

Saudi PIF-backed EV company Lucid Motors makes Nasdaq debut