Written by Cláudio Afonso | LinkedIn | X
After entering Saudi Arabia and the United Arab Emirates, Lucid Motors is preparing to expand to other countries from the Gulf Cooperation Council (GCC) and the Middle East and North Africa (MENA) region.
Last week, the EV maker began recruiting for a Service Technician position in Abyan, Yemen — a country with about 40 million habitants situated in the southwestern Arabian Peninsula and part of the broader MENA region.
Among the primary responsibilities, Lucid requires the candidate to be capable of “repairing and replacing vehicle body parts” and “realigning the frame and body to meet manufacturer specifications.”
Commenting on this report, Faisal Sultan said Saturday the “job location has a typo” despite confirming that the company will “continue to expand”.
“EV thanks for the mention and yes we will continue to expand but just one correction, We are not entering Yemen, the classified job location has a typo in it which will be corrected to the correct location which should read Riyadh Saudi Arabia,” the executive wrote.
In June, Lucid‘s Vice President, Managing Director of Lucid Middle East Faisal Sultan said the company was “definitely going” to more countries in the GCC and MENA regions.
“We are definitely going to the wider GCC [Gulf Cooperation Council] market, MENA [Middle East and North Africa] market, you know, and the world, some other selected markets where we will export out of there,” Sultan said referring to Lucid‘s assembly plant in Saudi Arabia.
Lucid is currently expanding its assembly plant there turning it into a complete build unit (CBU) where it aims to produce 150,000 units annually.
The Gulf Cooperation Council (GCC) includes six Arab countries – Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.
Saudi Arabia’s Public Investment Fund — also known as PIF — has a stake in Lucid of about 60%.
Sultan joined the EV maker in June 2019 as Head of Global Operations and was promoted less than two years later to Global VP & Managing Director for the Middle East region.
“That is our goal, to really start the whole ecosystem development in the Kingdom. We are the first manufacturer in the region,” the executive stated before reaffirming the expansion plans.
“Now I think the goal is to really start expanding. So we’ve just expanded our sales points from Saudi now into UAE. We’re in the City Walk. We will be running a studio from here so that these beautiful cars can now be experienced by the UAE citizens also,” Sultan continued.
Here’s the interview segment where Lucid’s Sultan mentions the expansion plans.
Currently, Lucid has three studios in the Middle East region: one in Dubai, United Arab Emirates, and two in Saudi Arabia, located in Riyadh and Jeddah.
Last week, Lucid Motors announced a 262 million stock offering to raise about $1.75 billion. Since the announcement, the stock has fallen about 24%, extending its year-to-date losses to 41%, as Wall Street analysts expressed surprise at the move.
Rawlinson emphasized earlier this week that the capital raise “should have come as zero surprise to anyone,” adding that the new funds will ensure the company’s financial stability through 2026.
Lucid shares fell about 5% last week and closed Friday at $2.50, about 9% higher than their all-time low of $2.29 reached last April.
Written by Cláudio Afonso | LinkedIn | X
