Lucid Motors has made its first deliveries in Saudi Arabia after starting deliveries in Europe. The company held a ceremony at its first store in the Middle East, located in the capital city of Riyadh, earlier this week.
Twitter user @SaudiEV shared pictures from the event, although it is not clear how many vehicles or which variants of the Lucid Air were being delivered. It is likely that the limited Dream Edition was among the vehicles delivered.
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— Ų£ŁŁ Ł ŲØŲ§Ų¬Ų§ŲØŲ± (@AimanBajaber) January 1, 2023
Saudi Arabia is a major investor in Lucid and is currently building a second manufacturing facility for the company. The Saudi Arabian government has also committed to purchasing 50,000 Lucid Air sedans over the next decade, with the option to increase the order to 100,000.
In the last week, Lucid announced the start of deliveries in Germany and the Netherlands, as well as the beginning of deliveries of the entry-level Air Pure sedan in California. The company is expanding its operations in an effort to increase cash flow, which has been a focus for Lucid in recent months.
The company completed its first at-the-market offering in November, raising approximately $600 million, and also received funds from Ayar Third Investment in Saudi Arabia by selling off shares. These moves have given Lucid $1.515 billion in liquidity, which should sustain the company through the fourth quarter of 2023. The upcoming launch of the Gravity SUV and the company’s deals with Saudi Arabia will be critical to its success in the coming years.
