Lucid Motors strengthens Saudi presence with growing EV ambitions

GHADA.ISMAIL
Mar 17, 2025

Riyadh – Sharikat Mubasher: Faisal Sultan, Vice President and Managing Director of Lucid Middle East, is optimistic about the company's future and its expanding presence in Saudi Arabia as the Kingdom pushes to become a major player in the global electric vehicle market.

In an interview for Arab News and Asharq Business, Sultan expressed pride in the team's achievement of establishing the Kingdom’s first international automotive manufacturing plant and confirmed that construction of the complete build unit factory remains on schedule for completion next year.

Backed by Saudi Arabia’s Public Investment Fund, Lucid is driving efforts to develop the Kingdom's first EV manufacturing plant. Its assembly facility in King Abdullah Economic City, operational since September 2023, will soon be joined by a full-scale factory set to be completed by the end of 2026. The plant will produce 150,000 units annually, with production starting in early 2027 for global markets.

Lucid recently joined the "Made in Saudi" program, becoming the first global automaker to carry the 'Saudi Made' logo. Sultan described this achievement as a source of pride for the Saudi-based team, emphasizing its significance as a historic milestone.

With Saudi Arabia aiming for 30% of its vehicles to be electric by 2030, Sultan believes the target is achievable given rising EV adoption rates and strong government backing. He estimated that EVs already make up 6 to 7% of new vehicle sales in the country and expects growth to accelerate through initiatives like the Saudi Green Initiative.

Sultan acknowledged that infrastructure remains a key challenge for EV adoption, noting that Lucid is working with multiple partners and government entities to expand charging solutions. He stressed that home charging should be the focus, rather than relying heavily on public charging stations.

While Lucid is often compared to Tesla, Sultan views the two companies as distinct, emphasizing Lucid's focus on luxury EVs. He considered it an upgrade for a Tesla Model S owner to switch to a Lucid Air.

As Saudi Arabia expands its mining sector under Vision 2030, Lucid is monitoring developments, particularly for lithium supplies. While the company currently sources batteries from LG Chem, Samsung, and Panasonic, Sultan said Lucid is open to partnerships with Saudi-based battery producers in the future.

Lucid is also exploring battery recycling options, with plans underway to establish a recycling facility in Saudi Arabia. Sultan highlighted that recycling costs are decreasing, and technology now allows 95 % of EV batteries to be reused.

Looking ahead, Lucid plans to expand in key Gulf markets, with a focus on cities like Riyadh, Dammam, and Al-Khobar, where demand for luxury EVs is rising. With Saudi Arabia actively fostering its EV sector, Lucid appears poised to play a central role in shaping the Kingdom’s automotive future.


Share

Related News

OFC pacts with IBM Consulting to execute innovative SAP solutions
News
Calendar Icon
March 18, 2025
OFC pacts with IBM Consulting to execute innovative SAP solutions
readmore
GII Plans to double US portfolio with focus on key sectors
News
Calendar Icon
March 18, 2025
GII Plans to double US portfolio with focus on key sectors
readmore
SAL, Shareek to develop SAR 4 bn SAL Logistics Zone in Riyadh
News
Calendar Icon
March 18, 2025
SAL, Shareek to develop SAR 4 bn SAL Logistics Zone in Riyadh
readmore
Palestine's MENA Analytics to expand into Saudi Arabia
News
Calendar Icon
March 18, 2025
Palestine's MENA Analytics to expand into Saudi Arabia
readmore
Kafalah, Environment Fund launch loan guarantee product to foster SMEs
News
Calendar Icon
March 17, 2025
Kafalah, Environment Fund launch loan guarantee product to foster SMEs
readmore
RELEX Forum Riyadh showcases AI solutions for smarter supply chains
News
Calendar Icon
March 17, 2025
RELEX Forum Riyadh showcases AI solutions for smarter supply chains
readmore
Telecom leaders chart AI-driven future at MWC 2025
News
Calendar Icon
March 17, 2025
Telecom leaders chart AI-driven future at MWC 2025
readmore
Saudi Arabia unveils SAR 1 bn financing program to support eco-friendly projects
News
Calendar Icon
March 17, 2025
Saudi Arabia unveils SAR 1 bn financing program to support eco-friendly projects
readmore
Riyadh emerges as a data center powerhouse amid digital transformation
News
Calendar Icon
March 17, 2025
Riyadh emerges as a data center powerhouse amid digital transformation
readmore
Lucid Motors strengthens Saudi presence with growing EV ambitions
News
Calendar Icon
March 17, 2025
Lucid Motors strengthens Saudi presence with growing EV ambitions
readmore