PIF-owned EV maker Lucid Motors opens first store in Saudi Arabia

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Saudi PIF-owned electric vehicle maker Lucid Motors has opened its first store in the Kingdom, the company said on Monday.

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The Lucid Studio in Riyadh’s al-Nakheel district promises to give customers a flavor of the brand, which also offers a direct-to-consumer sales model.

“The launch of our first Studio in the Middle East marks yet another step towards Lucid’s mission to inspire the adoption of sustainable energy on a global scale, and I’m delighted this brand-new studio is set to open here in Saudi Arabia,” said Peter Rawlinson, Lucid’s CEO and CTO in a statement.

“Saudi Arabia recognizes the seismic transition toward automobile electrification and it looks to the future to secure a better world for generations to come with Saudi Vision 2030.”

Saudi Arabia’s Public Investment Fund (PIF) owns 61 percent of the California-headquartered electric vehicle maker.

As part of a drive to have 30 percent of all vehicles in the capital run on electric power by 2030, the Saudi government has agreed to buy between 50,000 and 100,000 electric vehicles from Lucid within ten years.

Earlier this year, Lucid announced plans for a full production factory at King Abdullah Economic City (KAEC).

At its peak, the company expects to manufacture up to 155,000 vehicles per year at the KAEC facility.

Construction had begun earlier this year, with Minister of Investment Khalid al-Falih saying in May that workers had broken ground on the site.

“We are incredibly excited to be celebrating this milestone today, opening our studio in Riyadh is another positive step of our journey in Saudi Arabia,” said Faisal Sultan, Vice President and Managing Director of Lucid Middle East.

The company’s first car, the Lucid Air, features 819 horsepower and an estimated 830 kilometers of range with its Grand Touring edition.

The PIF invested $1 billion in the company in 2018, giving it majority ownership.

Read more:

Saudi Arabia to produce, export 150,000 electric cars in 2026: Minister

Construction has begun on Lucid EV factory in Saudi Arabia: Investment minister

Saudi government orders up to 100,000 electric vehicles from PIF-owned Lucid