Lucid Motors has launched a new limited-time financing offer in the United Arab Emirates (UAE), extending its efforts to attract buyers as sales remained very limited in the second quarter of the year.
While the Newark-based EV maker does not disclose market-level deliveries, its seconf quarter SEC filing provides a clearer view of sales in Saudi Arabia and in the UAE.
There, the entry-level trim of Lucid’s cheapest model starts at AED 309,750 — equivalent to about $84,300.
Middle East revenue rose to $36.6 million in Q2 from $7.8 million in Q1, a near 4.7× increase.
Within that, Saudi Arabia contributed $35.9 million (Q1: $7.5 million) and the UAE $0.7 million, up from $0.3 million in the first three months of the year, indicating that sales in the country remained minimal in the second quarter.
The mix implies fewer than 100 vehicles delivered in Saudi Arabia in the quarter and a small number of units in the UAE, where retail deliveries began in late 2024.
The promotion, valid until September 30 and offered with Dubai Islamic Bank (DIB), allows customers to finance the brand’s debut model, Lucid Air, at a 0.99% rate for up to five years.
The package also includes first-year free registration, a complimentary home charger with installation support, five years or 100,000 kilometres of free service, four years of roadside assistance, and an eight-year battery warranty, according to a social media post.
The latest incentives differ from those advertised on Lucid’s UAE website, which highlight 0% financing, free first-year insurance, an AED 3,670 installation allowance for a home charger, and free maintenance and roadside assistance.
The DIB offer substitutes registration for insurance coverage.
In the UAE, Lucid is currently delivering its Air sedan, which is advertised from AED 3740 per month with 0% financing on its website.
Its second model, the Gravity SUV, can also be ordered, though only the top Grand Touring variant is available at AED 435,855, with the Touring version listed as “available to order soon.”
While the UAE remains a small market, Lucid’s revenue in the Middle East rose sharply in the second quarter to $36.6 million from $7.8 million in the previous three months, according to its SEC filings.
Of this, $35.9 million came from Saudi Arabia and $0.7 million from the UAE, implying a few hundreds vehicles delivered in the kingdom and only a handful in the Emirates between April and June.
Lucid, which counts Saudi Arabia’s Public Investment Fund as its main backer, is transforming its facility in King Abdullah Economic City to a complete build-to-unit plant.
In Dubai, it operates a single showroom with another one located at The Galleria mall in Abu Dhabi.
Last week, the company announced it will offer a $7,500 ‘Lucid Advantage Credit’ to eligible lessees of its Gravity SUV after the cut-off of the EV tax credit scheduled to be discontinued by September 30.
In June, Lucid’s interim chief executive, Marc Winterhoff, urged lawmakers to retain the incentive for newer market entrants, arguing it was unfair to withdraw it while established automakers had already benefited.
As of press time, Lucid shares are falling 1.7% to $2.14 after shareholders approved the reverse stock split at Monday’s special meeting.
