Lucid Promotes Faisal Sultan to Vice President, Managing Director of Lucid Middle East as it Opens its First Studio in Riyadh, Saudi Arabia

Rhea-AI Summary

On October 24, 2022, Lucid Group (NASDAQ: LCID) announced the promotion of Faisal Sultan to Vice President and Managing Director of Lucid Middle East. Sultan's leadership will be crucial as the company opens its first retail studio in Riyadh, Saudi Arabia. Since joining Lucid in 2019, he has played a pivotal role in various initiatives, including a significant vehicle procurement contract with the Saudi government for up to 100,000 units. Lucid's mission revolves around inspiring sustainable energy adoption through advanced electric vehicles, with the Lucid Air leading the charge in the luxury EV market.

Positive

• Promotion of Faisal Sultan to Vice President and Managing Director enhances leadership in a strategic region.
• Opening of the first Middle East retail studio in Riyadh signifies expansion and increased market presence.
• Secured contract with Saudi government for procurement of up to 100,000 vehicles over ten years may boost sales.
• Sultan's extensive automotive experience and previous leadership roles provide critical expertise.

Negative

• None.

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 with the award-winning Lucid Air, today announced the promotion of Faisal Sultan to Vice President and Managing Director of Lucid Middle East, reporting directly to Peter Rawlinson, Lucid's CEO and CTO. Mr. Sultan joined Lucid in 2019 and has since spearheaded major initiatives for the company in the region, including guiding the factory construction contract in Saudi Arabia, developing sales and service plans, negotiating the purchase of a fleet of up to 100,000 vehicles by the Government of Saudi Arabia over a ten-year period, managing relationships with key partners, suppliers and government officials, and leading this week's opening of the company's first Middle East Studio in Riyadh.

"As we open Lucid's first retail studio here in Riyadh, I am delighted to announce that Faisal Sultan has been promoted to Vice President and Managing Director of Lucid Middle East," said Peter Rawlinson, Lucid's CEO and CTO. "Our mission is to inspire the adoption of sustainable energy by creating the most captivating electric vehicles in the world, and the Middle East is a strategic region in fulfilling that mission, for both manufacturing and retail. This requires deep knowledge of the area along with business acumen, and we are very fortunate to have Faisal leading our team here in the Middle East."

Mr. Sultan has 23 years of combined automotive experience with Lucid, Industrial Clusters, FCA, Magna, Ford, and GM, where he held leadership positions spanning industrial development, manufacturing, operations, engineering, and program management. He also has global experience stretching across North America, Asia, Europe, and Australia.

Prior to joining Lucid, Faisal served as Senior Director, Automotive for Industrial Clusters in Saudi Arabia's Ministry of Energy, Industry and Mineral Resources. There, he led the team that developed and implemented the Automotive Development Policy for the country's localization of automotive manufacturing, supply chain development, and human resource capabilities. Faisal holds a M.B.A. from New York Institute of Technology and a Master of Automotive Engineering from Lawrence Technological University.

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

Trademarks
This communication contains trademarks, service marks, trade names and copyrights of Lucid Group, Inc. and its subsidiaries and other companies, which are the property of their respective owners.

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SOURCE Lucid Group

FAQ

What is Lucid Group's recent announcement regarding Faisal Sultan?

Lucid Group promoted Faisal Sultan to Vice President and Managing Director of Lucid Middle East as they open their first retail studio in Riyadh.

When was the announcement of Faisal Sultan's promotion made?

The announcement was made on October 24, 2022.

What are the responsibilities of Faisal Sultan in his new role?

Sultan will lead the expansion efforts in the Middle East, including overseeing sales, service operations, and significant contracts.

How many vehicles has Lucid secured for purchase from the Saudi government?

Lucid has negotiated a contract for the purchase of up to 100,000 vehicles over a ten-year period.

What is the significance of Lucid's first retail studio in Riyadh?

The opening of the Riyadh studio marks Lucid's strategic entry into the Middle Eastern market for luxury electric vehicles.