Saudi EV market seen to grow by 6% YoY until 2030: Lucid

Logo of Lucid Group

Marc Winterhoff, Chief Operating Officer at Lucid Group, predicts that the electric vehicle (EV) market in Saudi Arabia will grow by 6% year-on-year (YoY) until 2030, Al Eqtisadiah newspaper reported.

He added that by that time, 210,000 to 250,000 EVs would be sold annually in Saudi Arabia, a significant number that aligns with Saudi Arabia’s commitment to manufacturing 500,000 vehicles and supporting this investment with $50 billion.

The Middle East is an important and central market for the company, Winterhoff said, noting that the region's EV market is expected to grow from $2.7 billion to about $8 billion by 2028.

Lucid Motors, partially owned by the Public Investment Fund, officially opened its first EV plant at King Abdullah Economic City (KAEC) in Saudi Arabia last September, according to data available with Argaam.

The company intends to announce the second phase of production in Saudi Arabia soon. In the second phase, Lucid will shift to complete build unit (CBU) production of some models at its facility in KAEC. The first phase was limited to manufacturing certain parts or assembly.

Faisal Sultan, Vice President and Managing Director of Lucid Group Middle East, earlier told Argaam that demand for EVs is increasing in Saudi Arabia, which is one of the company’s strongest markets in the world, due to the young generation’s awareness of the importance of sustainability and the efficiency.