Revenue Lucid generates in the Middle East outside Saudi Arabia — in practice, the United Arab Emirates, the company’s only other market in the region — fell to roughly $30,000 in the second quarter, according to the geographic disclosures in the company’s latest 10-Q.
The line, reported as “Rest of Middle East” in the filings, had held steady between roughly $300,000 and $700,000 every quarter since the market’s first full quarter — before collapsing 95.7% in the three months to June, according to EV calculations on the disclosed figures.
The near-disappearance came in the same quarter that Saudi revenue quadrupled sequentially to a record $98.2 million, powered by government purchases — leaving the Kingdom to account for essentially all of the region’s revenue and the UAE.
The market is Lucid’s sixth country worldwide, and its revenue contributed less than a single Air Pure’s sticker price in the second quarter of the year.
Lucid shares plunged by about 7% shortly after its quarterly results were released on Tuesday afternoon. As of publication time, the stock is extending its decline and trading 12.5% lower at $6.81.
The Launch
The UAE was in Lucid’s plans almost from the beginning.
The company opened order books for the Air in the Emirates and Saudi Arabia in April 2020, with deliveries then expected as early as late 2021.
UAE ultimately waited more than four additional years.
The Dubai Studio at City Walk opened on May 31, 2024 — the company’s 38th retail location worldwide and its second in the Middle East after Riyadh.
The location was accompanied by a first service center in Dubai Investment Park and launch pricing that ran from AED 309,750 for the Air Pure to AED 996,450 for the tri-motor Sapphire.
First customer deliveries followed in December 2024, with Middle East chief Faisal Sultan citing “many reservations” despite the single showroom, and the filings show the launch registered: the Rest of Middle East line produced roughly $2.9 million across 2024, essentially all of it in the fourth quarter’s handover burst.
The retail footprint inched forward from there — a temporary pop-up store at Abu Dhabi’s Galleria mall extended the brand beyond Dubai in 2025, even as the company concentrated its permanent studio expansion on the Saudi side of the Gulf.
A Market That Never Grew
Across 2025 — the UAE’s first full calendar year — the line generated approximately $300,000, $700,000, $400,000 and $300,000 by quarter, a full-year total near $1.8 million that amounted to a fraction of the launch quarter’s pace.
The first quarter of 2026 continued at roughly $350,000 before the second quarter’s fall to about $30,000.
Cumulatively, the disclosures imply the UAE has produced on the order of $5 million in revenue since deliveries began — equivalent to roughly 50 vehicles over nineteen months at the market’s transaction prices, according to EV calculations.
The company itself acknowledged the fade as it was happening: “I know UAE started very strong but it kind of slowed down,” Sultan said in an October interview with Benchmark Minerals, contrasting the market with rising Saudi fleet orders.
The numbers bore him out: when EV broke down the company’s full-year revenue by market in the spring, the UAE’s roughly $320,000 fourth quarter capped a 2025 total near $1.8 million.
The stagnation was not for lack of stated ambition.
Sultan, promoted to president for the Middle East, said in mid-2025 that new showrooms and service centers were planned for both Abu Dhabi and Dubai, and the company has repeatedly pointed to the wider Gulf as an export destination for its Saudi plant.
As of Wednesday, no market beyond Saudi Arabia and the UAE has ever been announced.
What the UAE Site Shows Today
The configurator remains fully live.
As of Wednesday, the UAE site lists the Air Pure from AED 313,635, about $85,400 at the current exchange rate, the Touring from AED 346,815, the Grand Touring from AED 491,190 and the Sapphire at AED 996,450.
The Gravity has also joined the UAE lineup, listed with the Touring from AED 372,225 — roughly $101,400 — and the Grand Touring from AED 435,855, meaning the second Middle East market’s near-zero quarter came with both models nominally on sale.
Two details stand out against the launch-day price list.
The Grand Touring now starts AED 28,560 below its May 2024 launch price of AED 519,750 — a 5.5% reduction in a market where the company has never advertised the kind of aggressive cash incentives it deployed in Saudi Arabia, while the Pure has edged 1.3% higher.
An EV check of the site’s Available Vehicles inventory on Wednesday returned no vehicles listed for the market.
A Pattern That Looks Like a Wind-Down
Lucid has said nothing publicly about a change in how it sells in the UAE, and the company operated the market on the same direct-to-consumer model it uses in the United States and Saudi Arabia from launch.
The company has been reworking how it sells elsewhere, shifting from pure direct sales toward agent and partner models in parts of Europe — as EV first reported.
UAE’s status remains unclear despite the website allowing customers to configure their vehicle and order it.
The EV maker that reported a $1.03 billion quarterly net loss and is cutting costs across every function that does not touch its four priority programs.
