Monday, May 12, 2025

Dropped Denmark – electric car brand gets DKK 10 billion kroner of oil fund

Elon Musk has several times spoken negatively about Lucid Motors, which, according to the Tesla boss, only relies on money from Saudi Arabia. Now there will be 10 billion kroner.

Lucid Motors has just had a successful quarterly report, and in this connection the car brand's financial director Gagan Dhingra could tell that more money is on the way.

Specifically, one and a half billion dollars will come from Saudi Arabia's state-owned oil fund. The American electric car brand has already built a factory in the country, where so far only small tasks are carried out.

But now, says Lucid, production must step up. The goal is to build 150,000 cars a year in the oil state. The production capacity is to be added to the cars that Lucid builds in the USA. In the second quarter of 2024, the brand sold 2,394 cars.

Lucid should have already been in Denmark. But it has been years since the opportunity to pay a deposit for the brand's so far only Air model disappeared again.

READ ALSO: How expensive is it to cover 100 kilometers in an electric car

The American car brand has since been reluctant to say much about launches in other markets. Not at home either. But Lucid says at the same time that there are more models on the way.

In 2026 or 2027, the assembly lines will be ready to build the first so-called 'volume model'. In other words, a car that more drivers will be able to afford. Lucid states that it will be an SUV with a starting price 'under' 50,000 dollars. This corresponds to 341,000 Danish kroner (or less, ed.)

A somewhat more expensive SUV named Gravity is slowly making its way into production. In any case, the first prototypes are now assembled and ready for testing. Here, Lucid promises to stick to something much in demand among motorists – read more here.

It is not known if – and if so when – Lucid Motors will again accept pre-orders from Denmark. But the last time it was an option in 2020, it cost DKK 2,000 in fees. A fee which, however, would be paid back upon delivery.

Read more exciting news from and about the world of cars right here!

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