According to an image leaked on Saturday, Lucid Motors is getting ready to open a new showroom in Riyadh, Saudi Arabia’s capital and main financial hub. The company has currently 19 studios in the U.S., 2 in Canada (Vancouver and Toronto, and one in Germany (Munich).
On May 18, Lucid hosted a ceremonial signing event to mark the agreements with the Saudi Arabia entities for the construction Lucid’s production factory with a capacity of 155,000 electric vehicles. The luxurious electric vehicle maker estimates that manufacturing plant in Saudi Arabia may result in up to $3.4 billion of value to Lucid over 15 years.
The Government of Saudi Arabia reiterated the commitment to purchase up to 100,000 units over a ten-year period alongside the estimated financing and incentives of up to $3.4 billion in aggregate over the next 15 years. The order quantity for the committed volume is expected to range from 1,000 to 2,000 vehicles annually and increase to between 4,000 and 7,000 vehicles annually by 2025.
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The U.S.-based company plans to establish operations at AMP-2 initially for re-assembly of Lucid Air vehicle “kits” that are pre-manufactured at the company’s U.S. AMP-1 facility in Arizona, and, over time, for production of complete vehicles.
The new Saudi factory expected to address growing global demand for Lucid electric vehicles by increasing Lucid’s global production capacity mid-decade to 500,000 EVs per year, the company recently said.
“This commitment supports the government’s drive to diversify the economy, provide thousands of local highly skilled job opportunities, and provide economic benefits to Saudi Arabia in line with Saudi Vision 2030”, the Government stated.
Last week, Lucid Motors unveiled a new digital platform called Lucid Financial Services through a strategic relationship with Bank of America. The platform offers a flexible financing process to the customers including lease and loan purchase options in the United States.
According to the company, the program is accessible to U.S. customers now taking deliveries of Lucid Air Grand Touring models and will also be available to customers taking delivery of Touring and Pure models later this year.
In late May, the company announced the opening of a new studio in Manhasset, New York, being located at 1950 Northern Blvd. In June 2021, Lucid marked the grand opening of the first Studio in the Northeast, in NYC’s Meatpacking District.