Written by Cláudio Afonso | LinkedIn | X
Electric vehicle maker Lucid Motors is ramping up its infrastructure in Saudi Arabia, as the kingdom takes on a more significant role in the company through increased investment from the Public Investment Fund (PIF) and a growing market share.
Earlier this month, PIF — which owns about 60% of the EV maker — said it would invest another $1.5 billion in cash. In March, it had already injected $1 billion into Lucid.
In the second quarter of 2023, only 4% of Lucid’s revenue came from the Middle East, but that figure has now surged fivefold to 20% this year, according to its 10Q form filed with the Securities and Exchange Commission earlier this month.
As the company upgrades its assembly plant in Saudi Arabia, Lucid’s Chief Operating Officer, Marc Winterhoff, revealed that “a significant amount” of the 2026 mid-sized model will take place in Saudi Arabia.
He added, “We look forward to starting production of the Lucid Gravity SUV and are excited about the new mid-sized model currently under development, as we aim to roll out this type on a large scale. A significant amount of its production will take place in Saudi Arabia.”
The company’s Vice-President of Design and Brand Derek Jenkins revealed last week that Lucid’s mid-size program now includes two additional vehicles alongside the mid-size SUV, positioning the California-based automaker to enter a more affordable market segment compared to its initial two models Air and Gravity.
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“In the UAE, we will also be opening our first service center in the Dubai Investment Park, as well as another studio in Abu Dhabi,” Winterhoff told the local media outlet Asharq Al-Awsat.
Since the beginning of the year, Lucid has delivered well over 1,000 vehicles in Saudi Arabia, received $2.5 billion in support from the country’s fund, and opened new showrooms and service centers to support the growth in the Middle East region.
If for the first quarter of the year, Lucid CEO Peter Rawlinson said vehicle deliveries in Saudi Arabia surpassed 500 units, the figures for the second quarter were not disclosed in the recent earnings call held on August 5th.
In September 2023, Lucid opened its first plant outside the US in Saudi Arabia, with an initial capacity of 5,000 EVs annually.
In the second quarter of the year, the company delivered 2,394 vehicles while producing 2,110 units. For the full year, Lucid expects to produce 9,000 vehicles.
Written by Cláudio Afonso | LinkedIn | X
Never Miss an Update on Lucid
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