Written by Cláudio Afonso | LinkedIn | X
The relevance of the Middle East region for the electric vehicle (EV) maker Lucid Motors has been steadily increasing over the last months.
In the first quarter of the year, over 25 percent of Lucid’s deliveries were made in the Middle East, whereas Europe accounted for only a small fraction of the company’s customer base. From the 1,967 Lucid Air sedans delivered, “over 500” were in Saudi Arabia, per the CEO Peter Rawlinson.
To support the growth in the region, the company will open the third showroom in the Middle East region after having inaugurated a retail store at Dubai’s City Walk and the Riyadh Studio in 2022 — marking the first one in the region.
The new location will be in the Auto Mall in Jeddah, Saudi Arabia, covering the West side of the country — as initially reported by a Lucid enthusiast on X.
In March, the company said it was raising an additional $1 billion from the Public Investment Fund (PIF) of Saudi Arabia.
By then, the PIF-affiliate Ayar Third Investment Company committed to buy $1 billion in convertible preferred stock being able to convert the preferred stock into about 280 million shares.
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As EV reported last week, the company is also expanding its plant in Saudi Arabia aiming to build 7/8 new buildings next to the current Assembly Plant it has there
In an interview to the local media Argaam, the company’s Vice President and Managing Director for the Middle East region, Faisal Sultan, confirmed that the work is underway to complete seven to eight additional buildings, supplementing the existing assembly plant.
Currently, the AMP-2 facility is performing semi knocked-down (SKD) assembly, reassembling Lucid Air vehicle kits pre-manufactured at the company’s factory in Arizona, with an annual capacity to assemble 5,000 vehicles.
Last week, Lucid’s CEO said the company is “going to reveal a product” that achieves 5 miles per kWh “very soon”.
The EV maker reported on Monday that it delivered 2,394 vehicles in the second quarter of the year, while producing 2,110 units, beating expectations from Wall Street analysts.
Lucid scheduled a conference call to discuss its second quarter 2024 financial results on August 5 at 5:30 pm eastern time immediately after releasing its Q2 report.
Written by Cláudio Afonso | LinkedIn | X
