American EV maker Lucid Motors (LCID) is expanding overseas. Lucid’s EVs are now available for lease for the first time in Saudi Arabia.
First Lucid EVs available for lease in Saudi Arabia
Lucid produced 2,173 electric cars in the second quarter of 2023, delivering 1,404. The numbers were disappointing, showing a downward trend in production and flat deliveries over the past two quarters.
After its strongest quarter in Q4 2022, Lucid’s production has fallen over 37%, while deliveries are down 27%.
On the positive side, Lucid did have an important update. The company announced it “began material shipments to the Kingdom of Saudi Arabia.”
Saudi Arabia’s Public Investment Fund (PIF) is Lucid’s largest shareholder. After injecting around $1.8 billion last month as part of a $3 billion stock sale, Saudi’s PIF owns roughly 60.5% of the EV maker’s common stock. The fund has invested around $9 billion in Lucid to date.
Lucid’s first Middle East Studio in Riyadh, Saudi Arabia (Source: Lucid)
Not even a week after Lucid revealed material shipments have begun to Saudi Arabia, the first EVs are now available for lease, according to reports. The Saudi Post said on Twitter Tuesday:
For the first time in the Kingdom, Saudi leasing companies start leasing luxury electric “Lucid” cars inside the Kingdom.
Lucid revealed last year that the Government of Saudi Arabia agreed to purchase at least 50,000 EVs over the next ten years. The deal is part of the Kingdom’s “Saudi Vision 2030” effort to reduce emissions and put the nation on track for stable economic growth.
First Lucid EV leases in Saudi Arabia (Source: Theeb rent a car)
The Kingdom is going electric
Saudi Arabia’s economy currently depends on oil, accounting for nearly half of the nation’s GDP. The strategy includes building advanced EVs and exporting them while increasing the contribution of non-oil exports to non-oil GDP to 50%, compared to roughly 16% today. Abdulla Al-Swaha, Saudi’s Minister of Communications and IT, explained in October:
In 2026, the Kingdom will manufacture and export more than 150,000 electric cars.
Al-Swaha said its majority ownership in Lucid “has placed the Kingdom among developed countries.” He added that construction began at Lucid’s first manufacturing plant in the region last May.
Lucid Air electric vehicle in Saudi Arabia (Source: Lucid)
The factory in King Abdullah Economic City, Saudi Arabia, will begin re-assembling Lucid Air models pre-built at its Casa Grande, Arizona facility in the US.
Full production is expected to start by 2024, with 155,000 vehicle manufacturing capacity per year once up and running.
Lucid also recently entered into a strategic partnership to provide Aston Martin with its advanced EV powertrain tech. CEO Peter Rawlinson said the deal, worth around $450 million, is just the start of Lucid’s tech business.
Electrek’s Take
Despite a downturn in production and deliveries this year, Lucid is making some moves that could help turn things around. Licensing and selling its proprietary EV powertrain tech could be a potential game changer for Lucid to drive additional profits.
Hopefully, with its first EVs available for lease in Saudi Arabia and a new revenue source, Lucid can return to growth in the second half of the year.
Image credit: The Saudi Post / Theeb rent a car
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Can Kia’s first electric sedan live up to the hype? After launching the EV4 in Korea, we are finally seeing it in action. A new test drive of the EV4 gives us a closer look at what to expect as Kia prepares to take it global. Here’s how it went down.
Kia EV4 test drive: The good, the bad, and the ugly
Kia claims the EV4 will “set a new standard in electric vehicles” with long-range capabilities, fast charging, and a sleek new design.
The electric sedan features a unique, almost sports-car-like profile with a long-tail silhouette and added roof spoiler.
Kia claims it is “the new look of a sedan fit for the era of electrification.” Despite its four-door design, the company is calling it a new type of sedan.
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The design is not only eye-catching, but it’s also super efficient. With a drag coefficient of just 0.23, the EV4 is Kia’s most aerodynamic vehicle so far, enabling maximum driving range and efficiency.
Kia opened EV4 orders in South Korea in March, starting at about $29,000 (41.92 million won). It’s available with two battery options: 58.2 kWh and 81.4 kWh. The entry-level “Standard Air” model, powered by the 58.2 kWh battery, is rated with up to 237 miles of driving range.
Kia EV4 sedan Korea-spec (Source: Hyundai Motor)
The “Long-Range Air” variant starts at 46.29 million won ($31,800) and has a driving range of up to 331 miles (533 km) in Korea.
With charging speeds of up to 350 kW, the EV4 can charge from 10% to 80% in around 29 minutes. The long-range battery will take about 31 minutes.
Kia EV4 sedan interior (Source: Hyundai Motor)
The interior boasts Kia’s latest ccNC infotainment system with a 30″ Ultra-wide Panoramic Display. The setup includes dual 12.3″ driver displays, navigation screens, and a 5″ air conditioning panel.
With deliveries kicking off, we are seeing some of the first test drives come out. A review fromHealerTV gives us a better idea of what it’s like to drive the EV4 in person.
Kia EV4 test drive (Source: HealerTV)
Sitting next to Kia’s first pickup, the Tasman, the reviewer mentions the EV4 feels “particularly newer.” The test drive starts around the city with a ride quality similar to that of the K5, if not even better.
As you can see from the camera shaking, the ride feels “a bit uncomfortable” on rough roads. However, on normal surfaces and speed bumps, Kia’s electric sedan “feels neither too soft nor too hard,” just normal. The reviewer calls the EV4’s overall ride quality “quite ordinary” with “nothing particularly special about it.”
When accelerating, the electric car was smooth in the beginning but felt “a little lacking in later stages.” Overall, it should be enough for everyday use.
One of the biggest issues was that the rear window appeared too low. The rear brake lights also stick out, making it hard to see clearly through the rearview.
Keep in mind that the test drive was the Korean-spec EV4. Kia will launch the EV4 in Europe later this year and in the US in early 2026.
In the US, the EV4 will include a built-in NACS port for charging at Tesla Superchargers and a driving range of up to 330 (EPA-est) miles. Prices will be revealed closer to launch, but the EV4 is expected to start at around $35,000 to $40,000.
Would you buy Kia’s electric sedan for around $35,000? Or would you rather have the Tesla Model 3, which starts at $42,490 in the US and has up to 363 miles of range? Let us know in the comments.
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In the Electrek Podcast, we discuss the most popular news in the world of sustainable transport and energy. In this week’s episode, we discuss Tesla Model Y RWD in the US, Cybertruck bait-and-switch, Rivian earnings, and more.
As a reminder, we’ll have an accompanying post, like this one, on the site with an embedded link to the live stream. Head to the YouTube channel to get your questions and comments in.
After the show ends at around 5 p.m. ET, the video will be archived on YouTube and the audio on all your favorite podcast apps:
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Here are a few of the articles that we will discuss during the podcast:
Here’s the live stream for today’s episode starting at 4:00 p.m. ET (or the video after 5 p.m. ET):
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Hyundai’s 2026 IONIQ 9 EV is launching with a lease deal, affordable rates, and a big rebate, making the automaker’s largest EV a competitive choice.
Leasing a 2026 Hyundai IONIQ 9
CarsDirect reports that, according to a bulletin sent to dealers, the 2026 Hyundai IONIQ 9 S is $419 for 36 months with $4,999 due at signing based on 10,000 miles a year. That makes the effective cost of the nationally available lease $558 monthly.
That’s slightly more expensive than the Model Y Long Range Rear-Wheel Drive, which debuted this week. It can be leased for $399 with $4,093 at signing or $513 per month. That’s a price difference of only $45 per month, potentially making the IONIQ 9 a better value, since Hyundai’s first three-row electric SUV gives you more car for the money.
The IONIQ 9 offers 335 miles of driving range, fast charging capabilities, room for seven, and prices start at $60,555.
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Financing and incentives
Hyundai isn’t offering rebates on the IONIQ 9, but good news – it qualifies for the $7,500 federal EV tax credit because it’s manufactured in Georgia.
The IONIQ 9 has national financing rates as low as 1.99% APR for up to 60 months. For a lower monthly payment, there’s a 72-month option at 2.99%. Compare that to the most affordable 2026 Tesla Model Y, which has a 72-month option at 5.49% APR, and it shows what a good deal it is.
There’s also a $5,000 financing incentive available, but you have to choose a loan at a higher interest rate to get it. The $5,000 Dealer Choice Bonus helps lower prices if you finance at 5.99% for 60 months and 6.59% for 72 months.
However, it’s cheaper to opt for the 1.99% APR deal instead of the Dealer Choice Bonus and higher interest rate; CarsDirect found that the 1.99% APR could save IONIQ 9 buyers up to $2,200:
On a 5-year loan at 1.99%, we estimate the IONIQ 9 would cost $63,084. With the APR and rebate combo, it would cost $63,783. Here, opting for the lower rate would save buyers roughly $700. But that’s not the whole story. That’s because Dealer Choice offers, available on many Hyundais, allow a mark-up of up to 1%.
As a result, the $5,000 rebate and higher rate of 6.99% could cost buyers over $2,200 more than simply taking the lower rate to begin with.
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