American EV maker Lucid Motors (LCID) is increasing abroad. Lucid’s EVs are actually obtainable for lease for the primary time in Saudi Arabia.

First Lucid EVs obtainable for lease in Saudi Arabia

Lucid produced 2,173 electrical vehicles within the second quarter of 2023, delivering 1,404. The numbers have been disappointing, exhibiting a downward development in manufacturing and flat deliveries over the previous two quarters.

After its strongest quarter in This fall 2022, Lucid’s manufacturing has fallen over 37%, whereas deliveries are down 27%.

On the optimistic aspect, Lucid did have an vital replace. The corporate introduced it “started materials shipments to the Kingdom of Saudi Arabia.”

Saudi Arabia’s Public Funding Fund (PIF) is Lucid’s largest shareholder. After injecting round $1.8 billion final month as a part of a $3 billion inventory sale, Saudi’s PIF owns roughly 60.5% of the EV maker’s frequent inventory. The fund has invested round $9 billion in Lucid to this point.

Not even per week after Lucid revealed materials shipments have begun to Saudi Arabia, the primary EVs are actually obtainable for lease, in accordance with reviews. The Saudi Publish stated on Twitter Tuesday:

For the primary time within the Kingdom, Saudi leasing corporations begin leasing luxurious electrical “Lucid” vehicles contained in the Kingdom.

Lucid revealed final yr that the Authorities of Saudi Arabia agreed to buy a minimum of 50,000 EVs over the subsequent ten years. The deal is a part of the Kingdom’s “Saudi Imaginative and prescient 2030” effort to scale back emissions and put the nation on monitor for secure financial development.

The Kingdom goes electrical

Saudi Arabia’s economic system presently relies on oil, accounting for almost half of the nation’s GDP. The technique contains constructing superior EVs and exporting them whereas rising the contribution of non-oil exports to non-oil GDP to 50%, in comparison with roughly 16% immediately. Abdulla Al-Swaha, Saudi’s Minister of Communications and IT, defined in October:

In 2026, the Kingdom will manufacture and export greater than 150,000 electrical vehicles.

Al-Swaha stated its majority possession in Lucid “has positioned the Kingdom amongst developed international locations.” He added that development started at Lucid’s first manufacturing plant within the area final Could.

The manufacturing unit in King Abdullah Financial Metropolis, Saudi Arabia, will start re-assembling Lucid Air fashions pre-built at its Casa Grande, Arizona facility within the US.

Full manufacturing is predicted to start out by 2024, with 155,000 automobile manufacturing capability per yr as soon as up and operating.

Lucid additionally not too long ago entered right into a strategic partnership to offer Aston Martin with its superior EV powertrain tech. CEO Peter Rawlinson stated the deal, value round $450 million, is simply the beginning of Lucid’s tech enterprise.

Electrek’s Take

Regardless of a downturn in manufacturing and deliveries this yr, Lucid is making some strikes that might assist flip issues round. Licensing and promoting its proprietary EV powertrain tech could possibly be a possible sport changer for Lucid to drive extra earnings.

Hopefully, with its first EVs obtainable for lease in Saudi Arabia and a brand new income supply, Lucid can return to development within the second half of the yr.

Picture credit score: The Saudi Publish / Theeb lease a automobile

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