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.



Gold Down 1% Due to Stronger Dollar

FILED - 16 March 2023, Bavaria, Munich: Gold bars and gold coins of different sizes lie in a safe on a table at the precious metal dealer Pro Aurum. Photo: Sven Hoppe/dpa
FILED - 16 March 2023, Bavaria, Munich: Gold bars and gold coins of different sizes lie in a safe on a table at the precious metal dealer Pro Aurum. Photo: Sven Hoppe/dpa
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Gold Down 1% Due to Stronger Dollar

FILED - 16 March 2023, Bavaria, Munich: Gold bars and gold coins of different sizes lie in a safe on a table at the precious metal dealer Pro Aurum. Photo: Sven Hoppe/dpa
FILED - 16 March 2023, Bavaria, Munich: Gold bars and gold coins of different sizes lie in a safe on a table at the precious metal dealer Pro Aurum. Photo: Sven Hoppe/dpa

Gold prices fell on Wednesday under pressure from a stronger dollar and uncertainty ahead of a key US inflation report that could provide more clarity about the Federal Reserve's September policy meeting.

Spot gold was down 1% at $2,500.03 an ounce by 1205 GMT. Prices on Tuesday rose 0.3% to $2,524.57, a record high for the closing price.

The US currency steadied on Wednesday, making dollar-priced commodities less attractive for buyers using other currencies. Recent declines in the dollar had pushed the currency to its weakest in more than a year, Reuters reported.

The dollar index, which measures performance against a basket of currencies, was last up 0.4%.

"There are a lot of moving parts today, and items like Nvidia results are hanging over the market for direction clues on (interest) rates," one gold trader said. "The Fed is rightly cautious right now and that's not helping people with direction. Cash is king today."

Markets are focused on the looming US personal consumption expenditure (PCE) data, the Fed's preferred measure of inflation, due on Friday.

Gold is up 21% so far this year, heading for the biggest annual growth since 2020, with support coming from expectations of US rate cuts, safe-haven demand driven by geopolitical and economic uncertainty as well as robust purchases by central banks.

The rally, which started in March and saw spot prices hitting a record high of $2,531.60 on Aug. 20, was initially led by strong demand in China until high prices muted its imports and shifted the focus to Western investor buying.

With a rate cut widely expected, physically backed gold exchange-traded funds (ETFs) started purchases again after several years of outflows and are heading for a fourth consecutive month of inflows in August.

Gold ETFs saw modest net inflows of 8 metric tons ($403 million) last week, led by North American funds, according to the World Gold Council.

Among other precious metals, spot silver retreated by 2.3% to $29.31 an ounce, platinum lost 1.8% to $936.55 and palladium was down 2.4% at $946.75.