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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ALSO, the electric bike spin-off from EV-maker Rivian, just dropped some welcome news: a more affordable version of the bike is coming. Officially called the TM-B, the new model will launch at $3,500, coming in a full $1,000 under the previously announced $4,500 TM-B Performance we saw last month.
While the Performance model leaned heavily into premium components and higher output, the new TM-B appears designed to bring the platform’s eye-catching design to a wider audience.
The TM-B includes much of the same design and basic feature set as the TM-B Performance, though the $1,000 lower price tag does come from the company filet-ing a few corners. The bike drops from the 10x assist of the Performance edition to just 5x assist (presumably meaning half the power, but it’s hard to say since e-bike companies generally don’t list power as a multiple of rider input). It also has a smaller battery, more basic coil spring shock instead of the nicer and lighter air shock, fewer ride modes, and doesn’t come with the same premium styling options.
The bike does retain ALSO’s interesting drive-by-wire solution though, which means that there isn’t a physical connection between the pedals and the bike. Instead, riders turn pedal cranks connected to a generator that converts pedaling energy into electrical energy to feed the rear wheel through a Gates carbon belt drive.
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Hydraulic disc brakes along with ABS-braking come standard on both models, and the cockpit includes a compact color display with app connectivity, offering basic ride metrics and configurable assist modes.
ALSO hasn’t committed to an exact delivery date, but reservations are now open.
Electrek’s Take
A $3,500 entry point is undeniably better news for fans of ALSO’s design language who weren’t ready to shell out $4,500. However, I still seem to be one of the few in the industry who are hesitant to believe there is a path to profitability here. Americans don’t buy $4,500 e-bikes, at least not in high volume, and they don’t really buy $3,500 e-bikes, either.
It’s not that the bike isn’t worth it – ALSO’s engineers should be commended for stuffing a crazy amount of tech and innovation into this bike. But it simply won’t matter when the bike doesn’t sell very many units and ALSO has to keep making payroll on its huge workforce comprised of many expensive engineers and other tech roles. It’s very close to the same playbook that we watched sink other tech-forward e-bike companies like VanMoof, which went bankrupt after it couldn’t keep up with servicing its expensive and proprietary e-bike tech while trying to float a massive workforce.
Frankly, I’m a bit confused. Most basic e-bike media seems to be going nuts over the thing, and I’m the only one pointing out that the king appears to be walking around naked.
Also, the timing here is… odd.
Good news usually gets announced on a Tuesday morning, not sent to us at 4:56 PM on a Friday, right as everyone logs off and heads into the weekend. The classic “Friday news dump” is where companies hide things they don’t want attention on – not where they brag about slicing $1,000 off the entry price of a new model. A head scratcher all around.
Either way, a lower-priced TM-B is objectively good news. The problem is, it might just be shouting into the wind.
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Founded in 1689, Husqvarna was a musket maker for the king of Sweden – but now, the company best known for quirky motorcycles and commercial riding mowers is becoming an innovator in the field of robotics, and its latest fleet of electric autonomous mowers are eager to get grazing.
Husqvarna’s autonomous lawnmowers made history earlier this year at the AIG Women’s Open, when they became the first autonomous groundskeeping solution to see duty during a UK Major golf week.
“At the AIG Women’s Open, the Husqvarna portfolio is helping us deliver this goal through improved resource management, regular lightweight mowing and reduced carbon usage,” explains Royal Porthcawl’s Course Manager, Ian Kinley, who has championed the use of robotic technology at the course. “With the AIG Women’s Open set to be the largest-ever women’s sporting event in Wales, we know there’s tremendous pressure to produce playing surfaces that are worthy of such a high-profile event.”
Events like the AIG Women’s Open are proving that the little robot Huskies can get the job done quietly, sustainably, and with significantly less operator input. As such, you’d think everyone at Husqvarna would be excited about them.
You’d be wrong. The company’s franchise dealers have been hesitant to push them forward, effectively putting the parent company in the position of going B2C, or going home.
“Dealers live and breathe the previous technology,” said Yvette Henshall-Bell, Husqvarna’s President of its Forest and Garden division for Europe, in that same Forbes piece. “They want to protect that servicing, that aftermarket revenue. Whereas if they really thought about what the customer’s problems are and the job to be done, they would be looking at a completely different solution.”
A solution, frankly, that looks a lot like a little robot mower.
The bigger CEORA can handle up to 18 acres of ground twice each week, while the Automower, with its 80V battery and pinpoint precision EPOS (Exact Positioning Operating System) software, can handle another 2.5 acres. Both are fully electric, and can guide themselves back to their pens to recharge as needed.
Prices aren’t public, but the Husqvarna CEORA and Automowers are available as part of a custom lease package through Husqvarna Finance that will include access to the company’s customizable back end and ongoing support. Check with your local dealer for more.
Electrek’s Take
As a typically pro-union, pro-labor type of guy, I am hesitant to heap praise upon a robot taking away anyone’s job. That said, it does seem to be difficult for landscapers and construction crews to keep and find good labor at rates they can afford (and, let’s face it – the current Trump Administration isn’t going to be making that any easier). As such, if companies like Husqvarna and John Deere and Einride and others can build a demonstrably better mousetrap at a compelling price point … good for them. (?)
Let us know what you think in the comments.
SOURCES: Forbes, Golf Monthly; images by Husqvarna.
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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 Apple CarPlay possibly coming to Tesla cars, VW getting access to Superchargers, a Toyota electric pickup, and more.
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