Saudi plant to begin operations by 2026-end: Lucid CEO

Marc Winterhoff, Interim CEO of Lucid Motors

Lucid Motors is preparing to start operations at its Saudi manufacturing facility by the end of 2026, Interim CEO Marc Winterhoff said in a recent interview.

The launch of the mid-size platform, currently under development in the Kingdom, will help boost production volumes, Winterhoff told Al-Eqtisadiah.

Lucid doubled its production in the US this year and plans to grow further increase the next year, he added.

Winterhoff explained that profit margins are directly affected by component costs and customs duties, in addition to the challenges facing supply chains. He added that shortages in certain components require accelerating procurement processes to ensure production continuity.

The company has turned to new suppliers and alternative supply chains in order to reduce costs, the CEO added.

Lucid has attracted new investors over the past six months, including a $300 million investment from Uber, Winterhoff noted, adding that discussions with other institutions and investment entities are ongoing to secure additional investments in the company.