Lucid plans to open first showroom in Riyadh in Q1 2022: Report

A Lucid car

Lucid Motors is planning to open a showroom in Riyadh during the first quarter of 2022 to mark its first showroom in the Middle East and outside the US, Asharq TV reported, citing sources.

The company is seeking currently to obtain the necessary licenses, the sources said, expecting the showroom to be opened within three months.

Lucid currently owns a temporary showroom in Kingdom Tower, Riyadh, through which customers can pre-book cars.

The temporary showroom employees said cars will be delivered to customers as of the fourth quarter of 2022.

The car maker is working to establish a factory in the Middle East, definitely in Saudi Arabia, according to another source, who added that the company is currently studying two potential sites for the factory, namely NEOM in the northwest of Saudi Arabia, and Jeddah.

In September 2018, the Public Investment Fund (PIF) signed an investment agreement of over $1 billion (SAR 3.75 billion) with Lucid to help support the commercial launch of its first electric vehicle in 2020.

PIF Governor Yasir Al-Rumayyan said the fund owns 67% stake in Lucid, with an investment worth $1.3 billion (SAR 4.9 billion), according to data compiled by Argaam.