Benzinga - by Benzinga Neuro, Benzinga Staff Writer.
Luxury automaker Lucid Group Inc (NASDAQ:LCID) is to launch a dedicated security vehicle for the Saudi Arabian police force, if online murmurs are to be believed, in an initiative that could deepen the company’s already significant ties with the Kingdom.
What Happened: As per Drive Tesla, Lucid, of which the Saudi Kingdom’s sovereign wealth fund owns over 60%, will soon roll out a security vehicle specifically for the Saudi police.
The report was based on a couple of social media posts seen on Reddit and Twitter. Lucid did not immediately respond to Benzinga’s request for comment.
The rumors come close on the heels of Lucid’s new manufacturing unit, AMP-2, in Saudi Arabia, which reassembles Air sedans initially constructed at AMP-1 in Arizona.
The Lucid Air is also reportedly set to join the Kingdom’s police force. While Lucid has not officially announced the venture, it intends to launch its police car at the World Defense Show in Riyadh, starting on Feb. 4.
Intriguingly, the Lucid police car is already in use in Saudi Arabia, with sightings reported in the King’s motorcade last week. The vehicle, shrouded in plastic to protect it from dust, is stationed at the World Defense Show, ready for its formal introduction.
Why It Matters: The Public Investment Fund (PIF) of Saudi Arabia, led by Prince Mohammed bin Salman, which is the majority owner of Lucid, recently announced a multi-year partnership with Formula E, Extreme E, and E1. This alliance, dubbed the Electric 360 partnership, aims to fuel the growth of electric motorsports.
Back in April 2022, Lucid secured a deal with the Saudi government to sell up to 100,000 EVs over the forthcoming decade. These strategic moves underline the growing relationship between Lucid and Saudi Arabia, which is now set to expand with Lucid’s dedicated security vehicle for the Saudi police force.
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