Lucid to begin full Saudi manufacturing in 2026

Lucid Group, the US carmaker backed by the Public Investment Fund (PIF), reportedly plans to start full-scale vehicle manufacturing in Saudi Arabia this year, transitioning from assembly only at its facility near Jeddah.

“We have already started moving in equipment and we are on track,” interim CEO Marc Winterhoff told Bloomberg in Riyadh.

While initial production estimates were not given, he said it will ramp up gradually in 2027 and 2028 before reaching full capacity of 150,000 vehicles in 2029.

In October, the EV maker dispatched more than 1,000 additional vehicles for final assembly in Saudi Arabia.

Lucid has been majority-owned by PIF since April 2019. The Saudi sovereign fund invested an additional $1 billion in the company in March 2024 and a further $1.5 billion in August, bringing its total outlay to $8 billion for a 58.4 percent stake.

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The carmaker has factories in Arizona and Jeddah. It has studios in Riyadh and Jeddah and one in the UAE, in Dubai, since May 2024. 

Lucid launched its IPO in July 2021. Its share price closed 1 percent lower at $10.84 on Wednesday on the Nasdaq, down 64 percent in the past year.