Lucid Motors will remain a strategic partner for Riyadh Season, Saudi Arabia’s flagship entertainment and cultural festival, after signing a new agreement for the 2025 edition.
The California-based EV maker, backed by Saudi Arabia’s Public Investment Fund, first partnered with Riyadh Season in 2022 and renewed the collaboration since then.
Turki Alalshikh, chairman of the General Entertainment Authority, disclosed the deal Thursday on X, posting photos of the signing ceremony.
Lucid said at the time the partnership reinforced its alignment with the kingdom’s Vision 2030 strategy to diversify the economy and advance cultural and tourism initiatives.
Saudi Vision 2030 has set a target for 30% of vehicles in Riyadh to be electric by 2030.
The kingdom is also investing in EV infrastructure with plans to install 5,000 charging points by the end of the decade.
Lucid opened its first Middle East showroom in Riyadh in 2022 and began regional deliveries the same year.
The company assembles its Lucid Air sedan and Gravity SUV at its facility in King Abdullah Economic City, which is being transformed from a semi-knockdown assembly site into a full production plant.
Production is expected to begin late next year.
Saudi Arabia’s sovereign wealth fund holds a stake of about 60% in Lucid.
Interim Chief Executive Marc Winterhoff said earlier this year at the Saudi-US Investment Forum in Riyadh that the automaker is considering further expansion in the Gulf.
“We have started Abu Dhabi and we’re looking into Qatar and other additional markets coming very soon,” Winterhoff told Bloomberg.
Last December, the company established its Middle East headquarters in Riyadh.
The new office is located in the King Abdullah Financial District (KAFD), while the company’s global headquarters are in Newark, and its European base is in Amsterdam, Netherlands.
