PIF-backed Lucid expands Saudi network

Lucid Group, the US carmaker backed by the Public Investment Fund (PIF), has expanded its network in Saudi Arabia as it seeks to expand its share in the Gulf state’s growing electric vehicle industry.

The Nasdaq-listed EV maker said in a statement that it had opened a new studio in Al Khobar in Eastern Province. Lucid also has studios in the capital Riyadh and Jeddah, a commercial hub on the Red Sea coast.

The new studio will display the Lucid Air and Lucid Gravity, in addition to offering product consultation, vehicle customisation and after-sales services.

The company has operated one studio in Dubai, in the UAE, since May 2024.

In October Lucid said it produced 3,891 vehicles in the third quarter of 2025, with more than 1,000 additional autos built for final assembly in Saudi Arabia.

The EV maker has been majority-owned by sovereign wealth fund PIF since April 2019.

The fund invested an additional $1 billion in the company in March last year and a further $1.5 billion in August, bringing its total outlay to $8 billion for a 58.4 percent stake. It has factories in Arizona and Jeddah.

Further reading:

• Lucid to mass produce mid-size SUV in Saudi facility
• 2026 launch on track for Lucid’s midsize electric SUVs
• Lucid CEO admits to ‘hiccups’ in SUV rollout