Riyadh – Sharikat Mubasher: Faisal Sultan, Vice President and Managing Director of Lucid Middle East, is optimistic about the company's future and its expanding presence in Saudi Arabia as the Kingdom pushes to become a major player in the global electric vehicle market.
In an interview for Arab News and Asharq Business, Sultan expressed pride in the team's achievement of establishing the Kingdom’s first international automotive manufacturing plant and confirmed that construction of the complete build unit factory remains on schedule for completion next year.
Backed by Saudi Arabia’s Public Investment Fund, Lucid is driving efforts to develop the Kingdom's first EV manufacturing plant. Its assembly facility in King Abdullah Economic City, operational since September 2023, will soon be joined by a full-scale factory set to be completed by the end of 2026. The plant will produce 150,000 units annually, with production starting in early 2027 for global markets.
Lucid recently joined the "Made in Saudi" program, becoming the first global automaker to carry the 'Saudi Made' logo. Sultan described this achievement as a source of pride for the Saudi-based team, emphasizing its significance as a historic milestone.
With Saudi Arabia aiming for 30% of its vehicles to be electric by 2030, Sultan believes the target is achievable given rising EV adoption rates and strong government backing. He estimated that EVs already make up 6 to 7% of new vehicle sales in the country and expects growth to accelerate through initiatives like the Saudi Green Initiative.
Sultan acknowledged that infrastructure remains a key challenge for EV adoption, noting that Lucid is working with multiple partners and government entities to expand charging solutions. He stressed that home charging should be the focus, rather than relying heavily on public charging stations.
While Lucid is often compared to Tesla, Sultan views the two companies as distinct, emphasizing Lucid's focus on luxury EVs. He considered it an upgrade for a Tesla Model S owner to switch to a Lucid Air.
As Saudi Arabia expands its mining sector under Vision 2030, Lucid is monitoring developments, particularly for lithium supplies. While the company currently sources batteries from LG Chem, Samsung, and Panasonic, Sultan said Lucid is open to partnerships with Saudi-based battery producers in the future.
Lucid is also exploring battery recycling options, with plans underway to establish a recycling facility in Saudi Arabia. Sultan highlighted that recycling costs are decreasing, and technology now allows 95 % of EV batteries to be reused.
Looking ahead, Lucid plans to expand in key Gulf markets, with a focus on cities like Riyadh, Dammam, and Al-Khobar, where demand for luxury EVs is rising. With Saudi Arabia actively fostering its EV sector, Lucid appears poised to play a central role in shaping the Kingdom’s automotive future.