By Bernd Debusmann Jr
Lucid landed a $1 billion investment from Saudi Arabia's Public Investment Fund in 2018
Saudi-backed Lucid Motors, a rival to Tesla in the electric vehicles market, has announced that it is accepting reservations for its Lucid Air sports sedan in the UAE and Saudi Arabia.
In 2018, Lucid landed a $1 billion investment by Saudi Arabia’s Public Investment Fund, allowing it to get the Air Sedan – its first model – into production. A production version of the Lucid Air is expected this year.
The first deliveries of the vehicle are expected in late 2021.
In a statement, Lucid said that reservation fees set at roughly $1,000 in both the UAE and Saudi Arabia.
The Lucid Air sedan is designed to operate at over 400 miles per charge, alongside up to 1,000 horsepower.
“The Middle East is in a unique position to help ensure the growth of the EV market worldwide and we are very excited to offer the Lucid Air in a region that is expected to become a key market,” said Peter Rawlinson, CEO and CTO of 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 added.
Lucid has already manufactured more than half of the expected 80 beta prototypes at its headquarters in Silicon Valley.