Lucid Motors plans to begin ramping up deliveries on a 50,000-vehicle order from the Saudi government next year once its midsize model is in production, interim CEO Marc Winterhoff said.
The comments, reported by Semafor on Friday, provide the clearest timeline yet for fulfilling an agreement signed in April 2022 under which the Saudi government committed to purchasing up to 100,000 vehicles over a ten-year period.
The initial commitment covers 50,000 vehicles, with an option to purchase an additional 50,000.
Saudi Arabia’s sovereign wealth fund Public Investment Fund (PIF) holds more than 50% of Lucid‘s stock and has invested over $9 billion since 2018.
Given the stock’s closing price on Friday at $11.06, the company’s market cap stands at $3.59 billion.
As part of its long term vision, PIF also backs Saudi-owned EV maker Ceer and Hyundai
In late 2023, PIF signed a joint venture with Hyundai to establish a vehicle manufacturing plant in Saudi Arabia, with PIF holding a 70% stake and Hyundai the remaining 30%.
Both parties broke ground on the first plant in May 2025.
2022 Agreement
The deal with Lucid, part of Saudi Vision 2030 and the Saudi Green Initiative, calls for vehicles to be built at the company’s Arizona factory and its Saudi Arabia manufacturing facility.
“The order quantity is expected to range from 1,000 to 2,000 vehicles annually and increase to between 4,000 and 7,000 vehicles annually starting in 2025, with the delivery of the vehicles required to commence no later than the second quarter of 2023,” Lucid said when the agreement was announced.
However, the premium EV maker has not disclosed how many of those 50,000 units it has delivered so far.
“Delivering up to 100,000 Lucid electric vehicles in Saudi Arabia represents another pivotal moment in our acceleration of sustainable transportation worldwide,” Peter Rawlinson — then Lucid‘s CEO and CTO — said at the time.
“We are delighted to be supporting Saudi Arabia in achieving its sustainability goals and net zero ambitions, as outlined by Saudi Vision 2030 and the Saudi Green Initiative, by bringing our advanced luxury EVs to Saudi Arabia,” the back-then chief added.
Amid the announcement, Lucid said that the purchase price of the vehicles would be determined based on the lower of the standard retail price in Saudi Arabia or the United States, plus logistics, importation, and homologation costs.
Cantor Fitzgerald’s Take
In a research note sent to clients earlier this week, Cantor Fitzgerald analyst Andres Sheppard said the firm expects “the majority” of the 50,000-unit agreement “to be ‘back-loaded’ towards later years.”
“Recall that the government of Saudi Arabia is Lucid‘s largest customer and has an agreement to purchase up to 100,000 vehicles (50,000 up front, plus an option for an additional 50,000 vehicles) over 10 years,” Cantor analysts wrote.
The firm doesn’t see Lucid‘s debut model — the Air sedan priced from $70,000 in the US — playing a major role in the 50,000-unit order.
“We expect the majority of these vehicles to consist of the Gravity SUVs (unveiled in FY25) and the Midsize (targeting SOP in 2H26), and therefore, we expect the majority of this agreement to be ‘back-loaded’ towards later years, and we expect continued PIF support over the long term,” Sheppard wrote.
As reported by EV earlier on Saturday, Lucid assembled the first prototypes of its upcoming midsize SUV on Friday.
The midsize model is confirmed for production at Lucid‘s Saudi Arabia facility once it becomes fully operational, though it remains unclear whether the Casa Grande plant will also manufacture the vehicle.
Saudi Plant
Lucid opened its Saudi assembly plant in September 2023 with an initial capacity to assemble 5,000 vehicles annually.
The facility currently only assembles kits shipped from the Arizona plant. In the second half of the year, full production of Lucid vehicles is planned to begin.
A gradual ramp-up will occur through 2027 and 2028, with full capacity of 150,000 units targeted for 2029, according to guidance recently provided by CFO Taoufiq Boussaid.
Boussaid said in early December that Saudi authorities are developing a dedicated automotive ecosystem that will eventually give Lucid access to nearby Tier 1 and Tier 2 suppliers.
