Lucid Announces Deal for Purchase of Up to 100,000 Electric Vehicles

As part of the agreement, the Government of Saudi Arabia has pledged to purchase vehicles, including Lucid Air and other future models, built and assembled at Lucid's existing Arizona factory and its future international manufacturing facility in Saudi Arabia. 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.

This will support the government's drive to diversify the economy, provide thousands of highly skilled job opportunities and provide economic benefit to the Kingdom in line with Vision 2030.

The purchase price of the vehicles will be determined based on the lower of the standard retail price for the applicable vehicle in Saudi Arabia and the standard retail price for the applicable vehicle in the United States, plus the logistics and importation costs and other costs of delivering and homologating vehicles to regulations of Saudi Arabia.

About Lucid Group
Lucid's mission is to inspire the adoption of sustainable energy by creating advanced technologies and the most captivating luxury electric vehicles centered around the human experience. The company's first car, Lucid Air, is a state-of-the-art luxury sedan with a California-inspired design that features luxurious full-size interior space in a mid-size exterior footprint. Underpinned by race-proven battery technology and proprietary powertrains developed entirely in-house, Lucid Air was named the 2022 MotorTrend Car of the Year®. The Lucid Air Grand Touring features an official EPA estimated 516 miles of range or 1,050 horsepower. Customer deliveries of Lucid Air, which is produced at Lucid's factory in Casa Grande, Arizona, are underway.

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