Lucid Projects 5.95% Annual Growth for Saudi Electric Vehicle Market

Lucid Studio in Jeddah, western Saudi Arabia (Asharq Al-Awsat)
Lucid Studio in Jeddah, western Saudi Arabia (Asharq Al-Awsat)
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Lucid Projects 5.95% Annual Growth for Saudi Electric Vehicle Market

Lucid Studio in Jeddah, western Saudi Arabia (Asharq Al-Awsat)
Lucid Studio in Jeddah, western Saudi Arabia (Asharq Al-Awsat)

Marc Winterhoff, Chief Operating Officer at Lucid Motors, has announced plans to build more customer service centers in Saudi Arabia. The company is also expanding its mobile services, equipping Lucid Air vehicles for on-the-go maintenance.

Winterhoff noted that 40% of repairs are done through mobile services, both locally and internationally. He predicted that the local market will grow by 5.95% annually over the next five years.

Speaking to Asharq Al-Awsat, Winterhoff praised Saudi Arabia’s rapid push for electric vehicles, including its goal for 30% of cars to be electric by 2030 and the expansion of high-speed charging networks.

This commitment highlights the Kingdom’s dedication to electric vehicles.

Winterhoff believes Saudi Arabia is set for more private sector innovations and clean energy investments, making it a key player in sustainable transportation.

He also pointed out the significant opportunities in the Saudi car market, particularly for electric vehicles, supported by Vision 2030 and an expected $50 billion investment, which should drive substantial growth.

Winterhoff highlighted key partnerships with Saudi Arabia, especially with the Public Investment Fund (PIF), which is the company’s largest investor and supports its global expansion.

According to Winterhoff, Lucid’s partnership with the PIF has been crucial in enabling the motor company to open its first electric vehicle factory in the Kingdom.

Winterhoff also mentioned a partnership with Electric Vehicle Infrastructure Company (EVIC) to build a high-speed charging network across Saudi Arabia. Additionally, Lucid Motors has signed an agreement with King Abdulaziz City for Science and Technology (KACST) to work on research for advanced battery technologies using KACST’s facilities and resources.

Winterhoff highlighted Lucid Motors’ plan to build more studios and service centers to get closer to customers.

The company is also launching “mobile services,” where Lucid Air vehicles are converted into mobile service units for maintenance. About 40% of repairs are handled this way, both locally and globally.

To improve home charging for new customers, Lucid is offering a 3,750 riyal ($1,000) subsidy for installing a home charger through approved providers in Saudi Arabia, plus a two-year free maintenance program.

Winterhoff noted that most Lucid vehicles can travel over 700 kilometers on a single charge, which usually lasts about a week, so customers typically need to charge only once a week.



Arab Financial Markets Improve Amid Trump Inauguration

A Saudi dealer monitors the stock market in Riyadh. (Reuters)
A Saudi dealer monitors the stock market in Riyadh. (Reuters)
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Arab Financial Markets Improve Amid Trump Inauguration

A Saudi dealer monitors the stock market in Riyadh. (Reuters)
A Saudi dealer monitors the stock market in Riyadh. (Reuters)

Arab financial markets reacted positively to the inauguration of US President Donald Trump for a new term on Monday, despite concerns from some nations about the tariffs he plans to impose. The tariffs are expected to affect global trade flows and pricing.

Trump’s swearing-in also coincided with the start of a ceasefire between Israel and Hamas on Sunday, which is set to have a favorable impact on market sentiment.

Experts told Asharq Al-Awsat that easing geopolitical tensions in the Middle East has played a role in boosting economic stability across Arab markets. They anticipate significant improvements in market performance throughout the region, particularly in the Gulf, in the near future—raising optimism for robust economic growth.

Mohammed Al-Farraj, Senior Head of Asset Management at Arbah Capital, noted that global economic forecasts point to noticeable improvement following Trump’s inauguration.

In remarks to Asharq Al-Awsat, Al-Farraj attributed this optimism to several key factors, including heightened political stability, strengthened supply chains, and supportive monetary and fiscal policies introduced by the new US administration.

The gradual reduction of tariffs on US imports is expected to have a major impact on the labor market and inflation, fostering a more stable and growth-friendly economic environment for Arab markets, particularly those in the Gulf, he went on to say. The Saudi Stock Exchange (Tadawul) is poised to lead this growth.

Dr. Salem Baajajah, an economic expert and academic at King Abdulaziz University, told Asharq Al-Awsat that Trump’s inauguration is likely to generate substantial gains for US markets due to his pro-growth policies. This, in turn, will positively influence global financial markets, especially in the Gulf.

Reduced geopolitical tensions in the Middle East—along with the Gaza truce and prisoner exchange agreements—have further strengthened economic stability across Arab markets, he added.

Meanwhile, most Arab and Gulf stock markets closed higher on Monday, achieving varying levels of gains.

The Saudi Stock Exchange’s main index (TASI) ended Monday’s session up by 0.40%, closing at 12,379 points—its highest level since May 8. The increase was driven by a 4.4% rise in Aqua Power shares, while Aramco, the heaviest-weighted stock on the index, remained flat at SAR 28.15.

The Qatari index climbed 0.40% to close at 10,508 points, supported by a 2.2% rise in Industries Qatar shares. Kuwait’s index rose by 0.53%, while the Abu Dhabi Securities Exchange saw a modest increase of 0.08%.

Dubai’s main index, however, declined by 0.30%, impacted by a 2.9% drop in Salik shares. Similarly, Bahrain’s index fell slightly by 0.08%.

Outside the Gulf, Egypt’s blue-chip index slipped 0.37%, weighed down by a 0.9% decline in shares of Commercial International Bank. Morocco’s Casablanca Stock Exchange index dropped by 0.33%. Conversely, Oman’s Muscat Stock Exchange posted a slight gain of 0.03%.