The electric vehicle (EV) manufacturer, Lucid Gorup, has officially joined the “Made in Saudi” Program, which enables it to use the ‘Saudi Made” logo on its products, reported the Saudi Press Agency (SPA).
The logo is a symbol of excellence and customer confidence. It also underscores Saudi Arabia’s commitment to enhancing its status as a prime destination for innovative manufacturing.
Remarkable Achievement
Lucid is the first Original Equipment Manufacturer (OEM) to get this logo, in a significant achievement that highlights its ability to produce Saudi-made EVs which meet the international standards. This step also emphasizes Lucid’s contribution to the automotive industry in Saudi Arabia.
On this occasion, the Saudi Ministry of Industry and Mineral Resources, Bandar Al-Khorayef, said that Lucid’s joining the Made in Saudi Program as the first car maker to get the Saudi Made logo is a testament to the ongoing strategic transformation in building an integrated system for EV industry.
He also pointed out that this aligns with the objectives of the National Industry Strategy that prioritizes empowering promising sectors and attracting targeted investments in advanced industries.
A Hub for EV Manufacturing
Al-Khorayef added that Saudi Arabia has become a hub for EVs manufacturing, owing to its modern infrastructure, encouraging policies, and qualified human resources. The presence of big companies, such as Lucid, in the Saudi market further enhances Saudi Arabia’s status as a global destination for future industries. This contributes to increasing the local output, non-oil exports, industry localization, and knowledge transfer, he noted.
Moreover, Al-Khorayef said that the industry and mineral resources system is committed to fostering an investment environment that supports leading companies and enables them to play a role in achieving the industrial transformation and innovation which constitute a pillar in Saudi Arabia’s plans to achieve a sustainable and technology-based future.
Lucid Sales Increase
On Monday, Lucid reported record deliveries for the fourth quarter of 2024, exceeding expectations for quarterly deliveries, according to Reuters. During the fourth quarter of the year, which ended on December 31, 2024, Lucid said it produced 3,386 EVs and 3,099 EVs, about 7% of which were subject to operating lease accounting. This compares with estimates of 2,637, according to six analysts polled by Visible Alpha.
These figures represent an 11% growth compared to Q3 2024, and 78% growth compared to the same period last year.
Lucid has reduced prices and offered incentives, including cheaper financing to attract customers and drive them away from cheaper hybrid vehicles amid high interest rates.
Boosting Production
In the fourth quarter of 2024, production increased by 42% compared to the same quarter last year. It amounted to 3,386 vehicles, exceeding estimates of 2,904 units. Meanwhile, production for 2024 increased by 7% to record 9,029 vehicles, surpassing Lucid’s target of 9,000 units.
Furthermore, annual deliveries rose 71% to reach 10,241 vehicles. The company’s shares recorded a 7.6% increase before trading started on Monday.
In November 2024, Lucid, a company backed by Saudi Arabia’s Public Investment Fund (PIF), announced opening orders for its Gravity SUV, in an attempt to enter the market of SUVs and take some share from competitors such as Tesla and Rivian.
PIF and Lucid Partnership
In 2018, PIF invested $1bn in Lucid Motors to launch its first electric vehicle, the Lucid Air, marking a significant milestone for the partnership between both entities. The PIF has increased its stake in Lucid over time to reach around 60%, by investing a total of about $8bn. In August 2024, the PIF boosted Lucid with a $1.5bn investment to support its expansion plans and operations through the end of 2025.
In September 2023, Lucid opened its first manufacturing plant outside the US, in King Abdullah Economic City (KAEC), Saudi Arabia. The factory has an initial production capacity of 5,000 cars annually, with a future capacity to produce 155,000 electric vehicles per year.
In December 2024, Lucid announced it had established its Middle East headquarters in Riyadh at the King Abdullah Financial District (KAFD), solidifying its presence in the region.
