Saudi Arabia, whose economic income is mostly based on oil, is taking steps to diversify its economy. Saudi Arabia, which alone has almost 15 percent of the world’s oil reserves, is preparing to adopt electrical energy under its National Renewable Energy plan.
Saudi Arabia, which wants to take new steps in this direction, has also made an important initiative in the field of electric cars. Having signed an important agreement with the electric car manufacturer Lucid, the country will open its doors to zero-emission vehicles in the next 10 years.
100 thousand electric vehicle promises from Arabia!
According to the agreement with Lucid, Saudi Arabia will purchase 50 thousand electric vehicles in the next 10 years. In addition, there is an option for 50 thousand vehicles. Lucid shares rose 5% after the deal.
The agreement includes Lucid’s electric sedan model Air, as well as Gravity SUV and other electric cars that the brand will produce in the future. The electric vehicle sales deal forms part of the Vision 2030 plan, which aims to shift the Saudi kingdom’s economy away from fossil fuels.
Lucid is 61 percent owned by the Saudi Arabian Public Investment Fund (PIF). The Saudi Arabian Public Investment Fund bought most of the company’s shares in 2018 with an investment of $1 billion. With this investment, Lucid’s hand was relieved, which had difficulties in producing the Air model.
While deliveries are expected to start in the first quarter of 2023 at the latest, between 1,000 and 2,000 Lucid branded vehicles per year Saudi Arabia will come to By 2025, this figure is planned to increase to between 4 and 7 thousand vehicles. It is not yet known what kind of price tag Lucid will set for these vehicles.
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