Saud Al-Askar, deputy governor of the Saudi Standards Authority, confirmed that Lucid Electric Vehicles Company has submitted an application to approve its electric car model; The company intends to start manufacturing in Saudi Arabia in 2024.
According to Arabiya Net, the Saudi Public Investment Fund owns a majority stake in Lucid, whose shares are traded in the US market.
Lucid Corporation is the American competitor to Tesla, and the Saudi Public Investment Fund has benefited from investing early in it, as it owns about 62% of its shares.
The Public Investment Fund confirmed that its investment years ago in Lucid Company reflects its strategy of investing in future opportunities that provide growth in returns. The PIF indicated that Lucid's investment is a step towards diversifying the returns for the Saudi sovereign fund, and for the Kingdom as a whole.
The Saudi Public Investment Fund has earned more than $22 billion from its investment in Lucid after its listing last July.
Lucid, which has yet to generate revenue, expects to deliver its first Lucid Air — starting at $69,000 after tax credits — in the second half of this year. year.
The company also expects the Lucid Air to outpace the Tesla Model S when it comes to range. Lucid will offer a range of more than 4.5 miles per kilowatt-hour, which exceeds that of the Tesla Model S (more than 4 miles/KwH), according to Lucid's presentation to investors on July 13.
This translates to a range of more than 517 miles for the Lucid, about 26% more than the Tesla Model S.
It is reported that the Saudi Standards and Metrology Authority said that it had received several requests from electric vehicle manufacturers to obtain a model approval certificate for an electric vehicle, in accordance with the requirements of the Technical Regulations for Electric Vehicles, noting. To be issued a certificate of approval for one model so far.
The specifications told Al-Eqtisadiah newspaper last August that the commercial import of electric vehicles and their chargers was allowed, provided that the Saudi Model Approval Certificate is issued for the targeted models before the start of the import process. .
