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US-based electric car manufacturer, Lucid Motors, has entered the Middle East market with a focus on Saudi Arabia and the UAE.
The Newark-based manufacturer, backed by the Saudi’s Public Investment Fund (PIF), announced that it is currently accepting reservations for its Lucid Air sports sedan in both Saudi Arabia and the UAE. Customers can reserve the luxury electric car for $1,000 and deliveries are expected in late 2021.
“The Middle East is in a unique position to help ensure the growth of the EV market worldwide,” said Peter Rawlinson, CEO and CTO, Lucid Motors.
“As the region actively diversifies from traditional industries and explores new renewable energy sources, including solar and wind, Lucid will be able to offer a pure-electric vehicle that meets the unique needs of consumers, including real inter-city range alongside unsurpassed power and luxury," he said.
Image: Lucid Air. Source: Lucid Motors
In the first week of April, Lucid Motors closed its previously announced $1 billion plus investment from the PIF.
The $320 billion Saudi sovereign fund has made high profile investments in Uber Technologies and SoftBank Group’s Vision Fund.
The PIF had built a roughly $2 billion stake in Elon Musk’s Tesla in 2018 and sold almost all of the shares toward the end of 2019
In a media statement, Lucid Motors said it plans to develop the world's most advanced electric car, including battery packs with unmatched energy density and electric motors that are incredibly powerful yet efficient.
Lucid has already manufactured more than half of the expected 80 beta prototypes of the Air at the company's Silicon Valley headquarters, which are being used for comprehensive testing and validation for key vehicle dynamics, as well as crash testing to ensure comprehensive passenger safety, it said.
(Writing by Seban Scaria; editing by Daniel Luiz)
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