Lucid Group, the US-based electric vehicle manufacturer majority-owned by Saudi Arabia’s Public Investment Fund (PIF), is set to significantly expand its physical presence across the Middle East. The move comes as regional demand for high-performance EVs continues to grow, driven by government initiatives and increasing consumer interest.
Regional Footprint Deepens
According to its latest quarterly statement, Lucid plans to add at least 10 new locations in 2026 to its existing five showrooms in the region. This expansion includes a strategic entry into the Qatari market, marking a key milestone in its regional growth strategy.
The luxury EV maker has been steadily building its MENA presence, having opened a showroom in Dubai in May 2024 and another in Al Khobar, Saudi Arabia’s Eastern Province, in December.
Saudi Manufacturing Ramps Up
In a significant development for the Kingdom’s industrial sector, interim CEO Marc Winterhoff confirmed last month that Lucid plans to commence full-scale vehicle manufacturing in Saudi Arabia this year. The company’s Jeddah factory, alongside its facility in Arizona, is central to its global production strategy.
Lucid has announced an annual production guidance of 25,000 to 27,000 vehicles for 2026. The company delivered 15,841 vehicles in 2025, a 55 percent increase from the previous year, with fourth-quarter deliveries surging 72 percent year-on-year to 5,345 vehicles.
“In 2026, our focus remains on operational and financial discipline, sustainable growth, and continued progress toward profitability, while we look forward to the production of the first of our midsize vehicles,” Winterhoff stated.
Growth Amidst Market Challenges
The expansion and production increases are backed by strong financial performance. Lucid reported fourth-quarter revenue of $523 million, a 123 percent increase over the same period last year, while annual revenue grew by 68 percent.
This growth comes after a challenging period for the company since its IPO in July 2021. Despite initial struggles that saw its share price decline significantly, the company’s stock has shown recent signs of recovery.
The PIF remains Lucid’s cornerstone investor, having increased its total investment to $8 billion for a 58.4 percent majority stake. This backing underscores the Kingdom’s commitment to diversifying its economy and establishing itself as a key player in the future of mobility.
About Lucid Group
Lucid Group began as a battery technology company in 2007 before pivoting to become a luxury electric vehicle manufacturer. Backed by Saudi Arabia’s Public Investment Fund, the company is known for its high-performance EVs, including the Lucid Air sedan. It operates manufacturing facilities in Arizona, USA, and Jeddah, Saudi Arabia.
Source: AGBI
