RIYADH: Saudi Arabia is the second-biggest market for luxury electric car manufacturer Lucid Group in terms of pre-orders, CEO Peter Rawlinson said on Thursday.
“It’s really my dream (to) help catalyze the genesis of an EV (electric vehicle) industry here in the kingdom,” he said at the Future Investment Initiative conference in Riyadh, adding sustainable transport would benefit everyone.
Rawlinson, who did not give a figure for pre-orders, said he was heading back to California to hand car keys to the company’s first customers, and looked forward to doing the same in Saudi Arabia next year.
Lucid, aiming to rival to Tesla, has started production of its Lucid Air luxury electric sedans, equipped with a number of sensors including 14 cameras and one lidar.
Rawlinson said Lucid’s first factory, built last year in nine months, was constructed in a area that could potentially have the capacity for up to 90,000 vehicles, up from 30,000 now.
He said his dream was to bring the cost down and sell a version of the Lucid Air Pure model for $70,000, versus its first car, a $169,000 special edition of its flagship sedan.
The company says on its website it plans to deliver 520 customer-configured Lucid Air Dream Editions, followed by deliveries of Lucid Air Grand Touring versions. Touring and Pure models are expected to be delivered to customers during 2022.
Lucid’s listing in July was a huge dividend for Saudi Arabia’s Public Investment Fund (PIF), which invested more than $1 billion in the company in 2018 for a substantial stake and invested more in February.
Lucid is currently valued at over $43 billion, with the PIF holding a nearly 63 percent stake.
Saudi Arabia is carmaker Lucid’s No.2 market for pre-orders, says CEO
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Saudi Arabia is carmaker Lucid’s No.2 market for pre-orders, says CEO
Closing Bell: Saudi benchmark index edged up to close at 10,549
RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Thursday, gaining 58.39 points, or 0.56 percent, to close at 10,549.08.
Total trading turnover reached SR1.59 billion ($425 million), with 218 stocks advancing and 37 declining.
The parallel market, Nomu, added 222.72 points, or 0.96 percent, to finish at 23,519.01, as 43 stocks rose and 21 retreated. Meanwhile, the MSCI Tadawul Index increased by 6.11 points, or 0.44 percent, to close at 1,393.42.
Leading the day’s gains was Alkhaleej Training and Education Co., whose shares jumped 7.63 percent to SR20.45. Other strong performers included Consolidated Grunenfelder Saady Holding Co., up 6.60 percent to SR9.69, and Abdullah Saad Mohammed Abo Moati for Bookstores Co., which rose 6.48 percent to SR48.98.
On the downside, Naseej International Trading Co. recorded the largest decline, falling 2.44 percent to SR34.44, while National Gas and Industrialization Co. dropped 1.79 percent to SR93.10 and Nama Chemicals Co. slipped 1.32 percent to SR23.99.
Saudi Aramco Base Oil Co., or Luberef announced the signing of a memorandum of understanding with Saudi Aramco for a GIII+ production facility in Jazan.
The 18-month agreement, which may be renewed, is a key step in the Group III+ Project aimed at enhancing production capacity. The MoU is non-binding, and any future approvals, formal agreements, or financial impacts will be disclosed in line with regulatory guidelines. Luberef ended the session at SR96.10, down 0.26 percent.
Meanwhile, the Power and Water Utility Co. for Jubail and Yanbu, or Marafiq, reported receiving official notice of higher energy product prices used in production. The company estimated the financial impact for 2026 at 5.6 percent of total cost of sales, based on its most recent audited 2024 statements.
The effect is expected to appear in the first quarter of the 2026 fiscal year. Marafiq said it is working to mitigate the impact through improved production efficiency, enhanced plant reliability, optimized asset utilization, and cost reductions. The stock closed at SR36.80, up 1.03 percent.
