US-based electric car manufacturer Lucid Motors will explore new business opportunities in the Middle East market once its first model, Lucid Air, is rolled out in 2020, a senior company executive told Argaam in an exclusive interview on Tuesday.
“Lucid is currently focused on the launch of our first model, the Lucid Air, in late 2020 in the U.S. market. However, the company will explore opportunities to expand operational activities in other regions including the Middle East,” David Salguero, Marketing Manager, Lucid Motors, told Argaam on email.
When asked which Middle East country is expected to be on top of the company’s priority, Salguero, who is based at Lucid's Silicon Valley headquarters in California, was unable to provide additional detail or a timeline.
Last week, Lucid Motors announced that it closed a $1 billion investment from Saudi Arabia’s Public Investment Fund.
Last September, the Kingdom's wealth fund had signed an investment agreement of over $1 billion (or SAR 3.75 billion) with Lucid Motors to help support the commercial launch of Lucid’s first electric vehicle in 2020.
Write to Sunil Kumar Singh at sunil.kumar@argaamplus.com
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