Lucid Motors, partially owned by the Public Investment Fund (PIF), has reduced the prices of its electric vehicles (EVs) by 9-11 percent in Saudi Arabia, sources told Asharq Al-Awsat.
According to private sources, the reduction comes as a step after adjusting global selling prices, clarifying that the cost will be fixed after the drop and will not witness any review during the current year.
- Achieving production target
In July, Lucid sold 1,404 cars.
The CEO and chief technology officer, Peter Rawlinson, said Lucid is on pace to manufacture more than 10,000 vehicles this year.
"We're on track toward achieving our 2023 production target of more than 10,000 vehicles, but we recognize we still have work to do to grow our customer base," Rawlinson said in the statement.
Lucid Motors intends to launch the first electric car assembled at its factory in Saudi Arabia next September.
The company announced the establishment of a factory in the Kingdom, with an estimated investment of $3.2 billion, which will make as many as 155,000 electric vehicles annually.
- Developing future industries
In 2018, PIF agreed to invest more than $1 billion in Lucid Motors. It is the first company to truly benefit from the full potential of electric vehicles, as the investment enables the Fund to play a global role in developing future industries, mainly in new and advanced technologies.
The Lucid Air line includes four models: Lucid Air, the Air Touring with premium equipment, the Air Grand Touring with complete equipment, and the DreamDrive advanced driver assistance system.
The company had previously announced a deal to supply powertrain technology to Aston Martin Lagonda Holdings, partly owned by the Public Investment Fund.
- Arizona plant
Lucid's main factory is on up to 500 acres in Casa Grande, Arizona, USA. Located between Phoenix and Tucson, the Casa Grande offered proximity to critical utilities, an established transportation system, and strong support from state and local governments.
The facility is the first greenfield EV factory in North America. It is being built with such efficiency and speed. Construction of its first phase will be completed over 12 months after breaking ground.
Outfitted with the world's most advanced production line equipment, the factory will have the initial capacity to produce 10,000 cars annually and over 300,000 annually with planned expansion.
