Sunday, July 14, 2024

Electric Vehicles (EV) to Hit Saudi roads As this Company began its EV deliveries to customers in Saudi Arabia

Lucid Group has started delivering its luxury electric sedan, the Lucid Air, to customers in Saudi Arabia. It is the home of its largest shareholder. Faisal Sultan, Lucid Middle East’s Vice President and Managing Director, confirmed this news. Lucid Air, priced between $117,300 and $256,000 in Saudi Arabia, has garnered significant interest with thousands of reservations. Sultan anticipates a substantial number of Lucid Air EVs hitting the roads in the Kingdom.

Expansion Plans

Lucid is shipping hundreds of cars from its Arizona factory to Saudi Arabia on a weekly basis, despite constrained by shipment capacity. To address this limitation, Lucid is constructing a second assembly plant, AMP-2, in Saudi Arabia’s King Abdullah Economic City (KAEC). Set to launch operations in Q3-Q4 2023. The plant will initially focus on expediting deliveries by reassembling Lucid Air vehicle kits. By 2025 or 2026, the AMP-2 plant aims to produce complete vehicles with an annual capacity of 150,000 EVs. This facility primarily caters to Saudi Arabian customers, including the government’s order of 100,000 vehicles, and the Gulf Cooperation Council (GCC) countries. Lucid also plans to open showrooms in the United Arab Emirates by the end of this year.

Design and Luxury

Lucid’s entrance into the Saudi Arabian market has been eagerly anticipated since the establishment of its first studio in Riyadh in October 2022. Saudi customers appreciate Lucid’s car design, technology, efficiency, and luxurious appeal. As the sole luxury EV manufacturer, Lucid competes with other luxury sedan producers. While Lucid’s market share remains modest as a startup, it strives to strengthen its position in the Kingdom and global markets.

Lucid currently operates in the US, Canada, and four European countries, with plans for further expansion in Europe annually. Lucid aims to establish a presence in a fifth European country soon, completing its foothold across all GCC countries in the Middle East portfolio.

Sultan assures customers of the Lucid Air’s reliability, emphasizing extensive testing under adverse weather conditions. Additionally, the EV’s maintenance is required only once a year, ensuring a minimum operational lifespan of 10 years.

Lucid’s recent announcement to raise approximately $3 billion through a stock offering reinforces its commitment to growth and development. The Public Investment Fund (PIF) of Saudi Arabia, Lucid’s largest shareholder, is expected to contribute the majority of this funding. Lucid aims to utilize these funds to support expansion efforts and enhance its position in the EV market.

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