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.



IMF to Hold Conference on MENA in Cairo

A view of the International Monetary Fund (IMF) logo at its headquarters in Washington, DC, US, November 24, 2024. REUTERS 
A view of the International Monetary Fund (IMF) logo at its headquarters in Washington, DC, US, November 24, 2024. REUTERS 
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IMF to Hold Conference on MENA in Cairo

A view of the International Monetary Fund (IMF) logo at its headquarters in Washington, DC, US, November 24, 2024. REUTERS 
A view of the International Monetary Fund (IMF) logo at its headquarters in Washington, DC, US, November 24, 2024. REUTERS 

The International Monetary Fund (IMF) will hold the first annual Research Conference on the Middle East and North Africa (MENA) in Cairo, the global organization announced on Monday.

The conference aims to establish a forum for dialogue on pressing economic issues, promote policy-oriented academic research tailored to the needs and unique challenges of the region.

“Global shocks are adding to regional factors resulting in exceptionally uncertain economic environment for Middle East and North Africa (MENA) economies,” Jihad Azour, Director of the IMF Middle East and Central Asia Department and Pierre-Olivier Gourinchas, IMF chief economist, said in a joint statement.

They said conflicts, trade tensions, volatile commodity prices, changing climate conditions, energy transitions, rapid technological advances are altering the economic landscape of the region, posing severe challenges but also presenting opportunities for bold reforms that safeguard macroeconomic stability, build resilience, and raise living standards for all.

Therefore, the statement said, economic research is essential to provide reliable analysis and develop workable and innovative policy responses.

In this context, Azour and Gourinchas announced that the IMF will organize the annual Economic Research Conference on MENA, partnering with leading universities in the region.

The aim is to establish a forum for dialogue on pressing economic issues, promote policy-oriented academic research tailored to the needs and unique challenges of the region.

It will also provide a platform for the exchange of ideas and insights for academics, researchers, and policymakers in the MENA region and worldwide.

The inaugural conference, Steering Macroeconomic and Structural Policies in A Shifting Global Economic Landscape, will be co-organized with Onsi Sawiris School of Business at The American University in Cairo and take place in Cairo on May 18-19.

It will feature presentations and panel discussions by leading economists and policymakers, the statement said.