Saudi Arabia-Backed US Luxury EV Maker Opens Retail Outlet In Dubai City
As Lucid Motors Targets Regional Expansion
Lucid Motors – the US-based maker of advanced EVs (electric vehicles) – has stepped up its retail presence in the Middle East region by launching Lucid Studio, its bespoke retail outlet at the luxury lifestyle-centric enclave of City Walk in Dubai City.
Lucid Studio is a versatile control platform with an intuitive graphical interface designed to engage with Lucid customers. Lucid’s flagship luxury EV is the Air sedan.
The new retail facility in Dubai, the EV maker’s second after Riyadh in the Middle East region, comes as Lucid recently reported first-quarter 2024 revenue of AED635.5 million / $172.7 million from deliveries of 1,967 vehicles.
In Q1 2024, Newark, California-headquartered Lucid Motors – majority owned (5.77%) by Saudi Arabia’s sovereign wealth fund (Public Investment Fund) – raised AED3.68 billion / $1.0 billion in financing via a private placement with Ayar Third Investment Company (Ayar), an affiliate of the PIF.
Peter Rawlinson, CEO and CTO at Lucid, stressed the strategic partnership with the PIF.
He said: “Two factors set Lucid apart: our superior, in-house technology and the strategic partnership with the PIF. This partnership bolsters our financial position and provides invaluable strategic guidance, ensuring our long-term success.”
“Our sales momentum is building, our focus upon cost remains relentless, and we believe Gravity is on track to become the best SUV in the world.”
9,000 EVs Output
Lucid, established in California in 2016, ended Q1 2024 with AED18.51 billion / $5.03 billion in total liquidity and is targeting the manufacture of 9,000 EVs in the United States and Saudi Arabia this year.
The company currently produces its Air luxury sedan and Gravity SUV.
Blending California’s aesthetic essence with innovation, the Air is manufactured at Lucid’s production facilities in Casa Grande, Arizona, and King Abdullah Economic City in Saudi Arabia. It is sold in the Middle East, the United States, Canada, and Europe.
Lucid’s primary goal is to innovate in EVs, EV powertrains, and battery systems. Leveraging its equipment and factories ensures quality control throughout the design, development, and manufacturing processes. A combination of strategically placed brick-and-mortar retail and service outlets worldwide and direct-to-consumer online and retail sales channels ensures widespread accessibility to its products.
Furthermore, the EV maker is committed to continuous innovation, boasting a robust product roadmap outlining upcoming vehicle programmes and cutting-edge technologies. Its dedication to in-house hardware and software development, vertical integration, and a fresh, innovative approach to engineering and design culminated in the creation of the Air model.
To complement its exceptional products, the company operates a comprehensive vehicle service network comprising strategically positioned service centres supplemented by a fleet of mobile service vehicles.
The new retail facility in Dubai is part of Lucia’s strategic on-the-ground retail expansion across the Middle East region—principally the affluent Gulf Cooperation Council states of the United Arab Emirates (UAE), Saudi Arabia, Qatar, Bahrain, Kuwait, and Oman—and joins 37 other walk-in outlets globally.
Dubai Base
With EV sales steadily rising in the UAE, Lucid is set to unveil its maiden service centre at Dubai Investment Park.
Faisal Sultan, VP & MD of Lucid Middle East, stated: “With our presence in Riyadh and now in Dubai, we are positioned to offer drivers the innovative and dynamic experience of Lucid Air.”
Global EV producers—eager for new markets—are taking notice as the UAE is witnessing a dynamic transformation in its automotive landscape. EVs are emerging as a focal point of innovation and sustainability. This position plays out with debutants such as Lucid and a raft of Chinese automakers, including BYD, GAC, Exeed, and others.
Contributing Factors
In recent years, the EV market in the UAE has experienced substantial growth, driven by concerted government initiatives, increasing consumer environmental awareness, and technological advancements.
Government-led incentives and initiatives have played a pivotal role in bolstering the adoption of EVs across the UAE. For instance, the Dubai Clean Energy Strategy 2050 aims to make Dubai a global hub for clean energy and a green economy by encouraging sustainable transportation solutions.
Similarly, Abu Dhabi’s ambitious Sustainable Transport Initiative seeks to promote the uptake of electric vehicles to reduce carbon emissions and mitigate environmental impact.
Moreover, the UAE’s strategic positioning as a hub for innovation and investment has attracted leading global players in the EV industry, contributing to the market’s diversification and expansion.
Collaborations between UAE federal and emirate governments, industry stakeholders, and international partners are facilitating the development of robust charging infrastructure networks across the UAE, addressing one of the critical challenges facing EV adoption.
As consumer preferences shift towards environmentally friendly transportation options, automakers respond with an array of EV offerings tailored to the UAE market. From luxury sedans to SUVs and commercial vehicles, the availability and variety of electric models continue to expand, catering to diverse consumer needs and preferences.
Lucid boasts 729 institutional owners and shareholders. Notable institutional investors include PIF, Vanguard Group, BlackRock, Morgan Stanley, State Street Corp, Geode Capital Management, and Millennium Management.
Lucid Air (all-inclusive) retail pricing in the UAE:
- Air Pure Rear-Wheel Drive – 430hp single-motor: AED309,750 / $84,171
- Air Touring All-Wheel Drive – 620hp dual-motor: AED345,450 / $93,872
- Air Grand Touring All-Wheel Drive – 81hp dual-motor: AED519,750 /$141,236
- Air Sapphire All-Wheel Drive – 1,234hp tri-motor: AED996,450 / $366,936
Featured image: The Air sedan is Lucid’s flagship EV. Credit: Lucid Motors
Last Updated on 6 months by Arnold Pinto
