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'Lucid' Group Launches 1st Middle East Studio in Saudi Arabia

Lucid Group showroom for electric cars in Saudi Arabia (Asharq Al-Awsat)
Lucid Group showroom for electric cars in Saudi Arabia (Asharq Al-Awsat)
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'Lucid' Group Launches 1st Middle East Studio in Saudi Arabia

Lucid Group showroom for electric cars in Saudi Arabia (Asharq Al-Awsat)
Lucid Group showroom for electric cars in Saudi Arabia (Asharq Al-Awsat)

Lucid Group, setting new standards with the longest-range, fastest-charging electric car on the market, announced the opening of its first Studio in the Middle East in Riyadh.

"The launch of our first Studio in the Middle East marks yet another step towards Lucid's mission to inspire the adoption of sustainable energy on a global scale, and I'm delighted this brand-new studio is set to open here in Saudi Arabia," said Peter Rawlinson, Lucid's CEO and CTO.

"Saudi Arabia recognizes the seismic transition toward automobile electrification and it looks to the future to secure a better world for generations to come with Saudi Vision 2030."

For his part, Faisal Sultan, Vice President and Managing Director of Lucid Middle East said: "We are incredibly excited to be celebrating this milestone today, opening our Studio in Riyadh is another positive step of our journey in Saudi Arabia."

"Our in-depth knowledge of the region and our strategic partnerships enable us to deliver products catered to our customer base in the Middle East, and we're delighted to be able to meet their growing demands for electric cars in our journey to combat climate change."

Earlier this year, Lucid announced plans for a full production factory at King Abdullah Economic City (KAEC) in Saudi Arabia. Lucid plans to establish operations at KAEC for re-assembly of Lucid Air vehicles that are pre-manufactured at the company's US AMP-1 Manufacturing Facility in Casa Grande, Arizona, and, over time, for production of complete vehicles. At its peak, the company expects to manufacture up to 155,000 vehicles per year at the KAEC facility.

In April 2022, Lucid also announced an agreement with the Saudi government, under which the government will purchase up to 100,000 vehicles over a ten-year period, with an initial commitment to purchase 50,000 vehicles and an option to purchase up to an additional 50,000 vehicles over the same period.

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Euro Zone Bond Yields Rise After US-Iran Talks Collapse

A car drives along a road during sunset near Berlin, Germany, 09 April 2026, a few days after Iran and the US announced a two-week conditional ceasefire to halt military operations. (EPA)
A car drives along a road during sunset near Berlin, Germany, 09 April 2026, a few days after Iran and the US announced a two-week conditional ceasefire to halt military operations. (EPA)
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Euro Zone Bond Yields Rise After US-Iran Talks Collapse

A car drives along a road during sunset near Berlin, Germany, 09 April 2026, a few days after Iran and the US announced a two-week conditional ceasefire to halt military operations. (EPA)
A car drives along a road during sunset near Berlin, Germany, 09 April 2026, a few days after Iran and the US announced a two-week conditional ceasefire to halt military operations. (EPA)

Euro ‌zone government bond yields rose on Monday after the United States and Iran failed to reach a peace deal, heightening concerns that higher oil prices could fuel inflation and support expectations for European Central Bank rate hikes.

Oil prices climbed above $100 a barrel ‌as the ‌US Navy prepared to blockade ‌the ⁠Strait of Hormuz, ⁠a move that could restrict Iranian oil exports, after marathon talks at the weekend between Washington and Tehran did not result in a deal to ⁠end the war.

Germany’s 10-year ‌government bond ‌yield rose 2.5 basis points (bps) to 3.07%. ‌It reached 3.13% in late ‌March, its highest since June 2011.

Two-year yields, which are more sensitive to expectations for inflation and rates, ‌were up 4 bps at 2.629%.

Money markets showed traders are ⁠pricing ⁠in a 50% chance of a rate rise at the ECB's April meeting, from around 25% late on Friday.

They are pricing in a rise in ECB deposit facility rate to 2.69% by year-end from 2% right now, compared with an expectation for 2.6% by year-end on Friday.

Business

Malaysia Seizes 2 Tankers Suspected of Illegally Transferring Diesel

A view of the capital city Kuala Lumpur, Malaysia, 10 April 2026. EPA/FAZRY ISMAIL
A view of the capital city Kuala Lumpur, Malaysia, 10 April 2026. EPA/FAZRY ISMAIL
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Malaysia Seizes 2 Tankers Suspected of Illegally Transferring Diesel

A view of the capital city Kuala Lumpur, Malaysia, 10 April 2026. EPA/FAZRY ISMAIL
A view of the capital city Kuala Lumpur, Malaysia, 10 April 2026. EPA/FAZRY ISMAIL

Malaysia's Maritime Enforcement Agency (MMEA) said it has detained two tankers for allegedly conducting an illegal ship-to-ship transfer of about 700,000 liters of diesel off the island of Penang over the weekend.

Malaysia has been cracking down on fuel smuggling amid mounting shortages and supply disruptions throughout the region caused by the war in the Middle East.

Penang MMEA director Muhammad Suffi Mohd Ramli said authorities carried out ⁠checks following an ⁠intelligence tip about the ships, which were anchored in the waters off Bagan Ajam on Saturday.

"The inspection found that both ships were in a coupled state and were suspected of carrying out ship-to-ship oil transfer activities without permission," Reuters quoted Muhammad ⁠Suffi as saying in a statement on Sunday.

The alleged transfer involved about 700,000 liters of Euro 5 diesel, while the total amount seized was estimated at around 800,000 liters, with a value of about 5.43 million ringgit ($1.37 million), he said.

Authorities also arrested 22 crew members, comprising Malaysian, Myanmar, Russian, Philippine and Indonesian nationals.

The MMEA did not specify the origin of the tankers, ⁠the diesel, ⁠or the fuel's destination.

The waters off Malaysia are known to be a regular site for illegal ship-to-ship transfers, where oil is shifted between tankers at sea to obscure its origin. Malaysian authorities said in July last year that they would enforce related rules with more rigor.

Penang MMEA detained two tankers in February for a similar ship-to-ship transfer of crude oil, though the vessels were later released on a bond pending further investigations.

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Oil Surges, Stocks Fall as Trump Says to Blockade Strait of Hormuz

FILE PHOTO: A map showing the Strait of Hormuz and a 3D printed oil pipeline are seen in this illustration taken March 23, 2026. REUTERS/Dado Ruvic/Illustration//File Photo
FILE PHOTO: A map showing the Strait of Hormuz and a 3D printed oil pipeline are seen in this illustration taken March 23, 2026. REUTERS/Dado Ruvic/Illustration//File Photo
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Oil Surges, Stocks Fall as Trump Says to Blockade Strait of Hormuz

FILE PHOTO: A map showing the Strait of Hormuz and a 3D printed oil pipeline are seen in this illustration taken March 23, 2026. REUTERS/Dado Ruvic/Illustration//File Photo
FILE PHOTO: A map showing the Strait of Hormuz and a 3D printed oil pipeline are seen in this illustration taken March 23, 2026. REUTERS/Dado Ruvic/Illustration//File Photo

Oil prices surged and stocks sank Monday after US-Iran peace talks fell apart and Donald Trump announced a blockade of the strategic Strait of Hormuz, adding to fears of energy supplies from the Middle East.

Negotiations in Islamabad at the weekend fell apart with the US delegation -- led by Vice President JD Vance -- blaming Iran's refusal to give up its nuclear program and Tehran hitting out at "maximalism, shifting goalposts, and blockade".

The news dealt a blow to hopes for an end to the six-week conflict, which has sent crude prices soaring, pushing inflation up and sending shivers through the global economy, said AFP.

Oil prices -- which tumbled last week after the United States and Iran agreed to a ceasefire -- jumped around eight percent Monday, with both contracts topping $100 a barrel.

Equities fell across Asia, with Tokyo, Hong Kong and Seoul off at least one percent, while Shanghai, Sydney, Singapore, Taipei and Jakarta were also down.

In a lengthy social media post, US President Donald Trump said his goal was to clear the strait of mines and reopen it to all shipping.

But he said that Iran must not be allowed to profit from controlling the waterway -- through which a fifth of global oil and gas usually passes.

"Effective immediately, the United States Navy, the Finest in the World, will begin the process of BLOCKADING any and all Ships trying to enter, or leave, the Strait of Hormuz," Trump wrote on Truth Social.

"Any Iranian who fires at us, or at peaceful vessels, will be BLOWN TO HELL!"

He said the blockade would only apply to vessels travelling to or from Iranian ports.

The US military said Sunday it will blockade all Iranian Gulf ports on Monday at 1400 GMT, effectively seizing control of maritime traffic.

Iran's Revolutionary Guards said its security forces had full control over the strait and warned enemies would be trapped in a "deadly vortex" in case of any "wrong move".

Iran's navy chief Shahram Irani called Trump's threat "ridiculous and funny", according to state TV.

After the talks -- the highest-level meeting between the two sides since the 1979 Iranian revolution -- Vance said Washington had made Tehran its "final and best offer," adding: "We'll see if the Iranians accept it."

Iran's Foreign Minister Abbas Araghchi said the rivals had been "inches away" from a deal, writing on X that "Iran engaged with US in good faith to end war".

But he added "we encountered maximalism, shifting goalposts, and blockade".

Nicole Grajewski, an assistant professor at the Center for International Research at Sciences Po in Paris, warned that a US blockade was "not a minor coercive signal" but would rather be considered an effective resumption of the war.

Fawad Razaqzada, a market analyst at Forex.com, said: "The fundamental issue remains trust - or rather, the lack of it - between two long-standing adversaries who still appear some distance from common ground."

Investors are also keeping an eye on attempts to resolve the conflict between Israel and Hezbollah, as Lebanese Prime Minister Nawaf Salam said he was pushing to ensure the withdrawal of Israeli forces.

"We will continue to work to stop this war, to ensure the Israeli withdrawal from all our lands, the return of all the prisoners, to rebuild our destroyed villages and towns, and the safe return of the displaced," Salam said.

The prospect of the Middle East crisis continuing for the foreseeable future ramped up inflation fears and weighed on gold amid expectations interest rates would be kept elevated.

Data Friday highlighted the impact of the conflict on prices, with the US consumer price index spiking at 3.3 percent in March, its highest since May last year.