Lucid, the US electric vehicle manufacturer majority-owned by Saudi Arabia’s Public Investment Fund (PIF), has announced significant progress in its local manufacturing operations. In its third-quarter update for 2025, the company revealed that in addition to producing 3,891 vehicles at its primary facility, it has shipped over 1,000 additional vehicles as semi-knocked-down kits for final assembly at its plant in Jeddah, Saudi Arabia.
Production Milestones and Market Reaction
The EV maker, a key competitor to Tesla, produced a total of 9,966 vehicles in the first nine months of the year, a figure that excludes the units currently in transit to its Saudi facility. This marks a notable increase from the approximately 9,000 vehicles produced in the entirety of the previous year. Despite this operational milestone for its Jeddah plant, the market reacted cautiously to the company’s broader announcement. Lucid’s shares on the Nasdaq fell by 3 percent to close at $24.02 following the news, contributing to a 21 percent decline year-to-date.
PIF’s Strategic Investment
The Public Investment Fund has been the majority owner of Lucid since April 2019 and continues to be a cornerstone of the company’s funding and strategic direction. The Saudi sovereign wealth fund has invested a total of $8 billion into the EV maker, including a $1 billion injection in March of last year and a further $1.5 billion in August, securing a 58.4 percent stake. This substantial backing is a key component of Saudi Arabia’s Vision 2030, which aims to diversify the kingdom’s economy away from oil and build a local industrial base for next-generation technologies.
Revised Outlook and Headwinds
Lucid has slightly adjusted its full-year production forecast for 2025, lowering its outlook to a range of 18,000 to 20,000 units from an earlier target of 20,000. The company cited challenges including tariffs and a softening in consumer demand as reasons for the revision. The adjustment comes amid a period of leadership change, with Peter Rawlinson having resigned as CEO in February after the company’s accumulated losses approached $13 billion. The company is set to provide a more detailed discussion of its third-quarter results in a conference call on November 5.
About Lucid
Lucid is a US-based luxury electric vehicle manufacturer that aims to inspire the adoption of sustainable energy by creating advanced technologies and captivating luxury EVs centered around the human experience. The company’s first car, the Lucid Air, is a state-of-the-art luxury sedan with a California-inspired design that features full-size interior space in a mid-size exterior footprint. The company has manufacturing facilities in Arizona, USA, and Jeddah, Saudi Arabia.
Source: AGBI
