Lucid Announces Opening of its First Middle East Studio in Riyadh, Saudi Arabia
Lucid Group (NASDAQ: LCID) announced the opening of its first Studio in the Middle East, located in Riyadh, Saudi Arabia, on October 25, 2022. This luxury retail space aims to enhance customer experience with a direct-to-consumer model. CEO Peter Rawlinson highlighted this launch as part of Lucid's mission for sustainable energy adoption. The Riyadh Studio will showcase Lucid's design and products while accommodating the growing demand for electric vehicles. Additionally, Lucid plans to establish a production facility at King Abdullah Economic City, with expected peak manufacturing capacity of 155,000 vehicles annually.
- Opening of the first Studio in the Middle East, enhancing brand visibility.
- Plans for a production facility in Saudi Arabia with capacity up to 155,000 vehicles per year.
- Government agreement for purchasing up to 100,000 vehicles over ten years, starting with an initial commitment of 50,000.
- None.
New Riyadh Studio set to open at 9:00 AST on Tuesday, October 25th at I Mall, Riyadh
RIYADH, Saudi Arabia, Oct. 24, 2022 /PRNewswire/ -- Lucid Group, Inc. (NASDAQ: LCID), setting new standards with the longest-range, fastest-charging electric car on the market, today announced the opening of its first Studio in the Middle East, located in Riyadh, Saudi Arabia. The luxury retail space will invite customers to experience the brand and its products in the heart of Riyadh's Al Nakheel District. With a direct-to-consumer model, every Lucid Studio offers a digitally oriented premium experience tailored to each customer's preferences, whether they visit in person, make enquiries entirely online, or combine the two.
"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. "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."
Lucid's Riyadh Studio will allow customers to fully experience the brand and gain information about its products in a location that underscores the company's unique design aesthetic. Exploring a Lucid Studio, visitors will get a vision of how the company draws inspiration from the beauty, innovation, and diversity of its home, the state of California.
"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. "Our in-depth knowledge of the region and our strategic partnerships enable us to deliver products catered to our customer base in the Middle East, and we're delighted to be able to meet their growing demands for electric cars in our journey to combat climate change."
Earlier this year, Lucid announced plans for a full production factory at King Abdullah Economic City ("KAEC") in Saudi Arabia. Lucid plans to establish operations at KAEC for re-assembly of Lucid Air vehicles that are pre-manufactured at the company's U.S. AMP-1 Manufacturing Facility in Casa Grande, Arizona, and, over time, for production of complete vehicles. At its peak, the company expects to manufacture up to 155,000 vehicles per year at the KAEC facility.
In April 2022, Lucid announced an agreement with the Government of Saudi Arabia, under which the Government will purchase up to 100,000 vehicles over a ten-year period, with an initial commitment to purchase 50,000 vehicles and an option to purchase up to an additional 50,000 vehicles over the same period.
About Lucid Group
Lucid's mission is to inspire the adoption of sustainable energy by creating advanced technologies and the most captivating luxury electric vehicles centered around the human experience. The company's first car, Lucid Air, is a state-of-the-art luxury sedan with a California-inspired design that features luxurious full-size interior space in a mid-size exterior footprint. The Lucid Air Grand Touring features 819 horsepower and an estimated 830 kilometers of range. Customer deliveries of Lucid Air, which is produced at Lucid's factory in Casa Grande, Arizona, are currently underway to U.S. customers.
Media Contact
International: media@lucidmotors.com
Regional:
Ibrahim Anabtawi, Brunswick Group: LucidKSA@brunswickgroup.com
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Forward-Looking Statements
This communication includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "estimate," "plan," "project," "forecast," "intend," "will," "shall," "expect," "anticipate," "believe," "seek," "target," "continue," "could," "may," "might," "possible," "potential," "predict" or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding plans and expectations with respect to Lucid's Riyadh studio, including studio experience, Lucid's plans, strategies, and expectations regarding its future manufacturing capabilities and facilities in Saudi Arabia, including future production capacity, Lucid's expectations regarding the Government of Saudi Arabia's commitment to purchase vehicles, and the promise of Lucid's technology. These statements are based on various assumptions, whether or not identified in this communication, and on the current expectations of Lucid's management. These forward-looking statements are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and may differ from these forward-looking statements. Many actual events and circumstances are beyond the control of Lucid. These forward-looking statements are subject to a number of risks and uncertainties, including those factors discussed under the heading "Risk Factors" in Part II, Item 1A of Lucid's Quarterly Report on Form 10-Q for the quarter ended June 30, 2022, as well as other documents Lucid has filed or will file with the Securities and Exchange Commission. If any of these risks materialize or Lucid's assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Lucid currently does not know or that Lucid currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Lucid's expectations, plans or forecasts of future events and views as of the date of this communication. Lucid anticipates that subsequent events and developments will cause Lucid's assessments to change. However, while Lucid may elect to update these forward-looking statements at some point in the future, Lucid specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Lucid's assessments as of any date subsequent to the date of this communication. Accordingly, undue reliance should not be placed upon the forward-looking statements.
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SOURCE Lucid Group
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