Lucid to open further Middle East showrooms this year

• EV maker to expand into Qatar
• Production is increasing
• Company has struggled since listing

Lucid Group, the US carmaker backed by Saudi Arabia’s Public Investment Fund, is planning to increase its presence across the Middle East as regional demand for electric vehicles grows.

The company already has five locations in the region and expects to increase that with at least a further 10 in 2026 including in Qatar, according to its fourth-quarter 2025 statement.

The Nasdaq-listed EV manufacturer expanded its network in Saudi Arabia in December with a showroom in Al Khobar, Eastern Province. The company has had one store in Dubai since May 2024.

Last month interim CEO Marc Winterhoff said Lucid plans to start full-scale vehicle manufacturing in Saudi Arabia this year.

The company delivered 5,345 vehicles in the fourth quarter of 2025, up 72 percent year on year, and 15,841 vehicles in 2025, a 55 percent increase. It also announced its 2026 annual production guidance of 25,000-27,000 vehicles.

“In 2026, our focus remains on operational and financial discipline, sustainable growth, and continued progress toward profitability, while we look forward to the production of the first of our midsize vehicles,” Winterhoff said. 

Its fourth quarter revenue of $523 million was up 123 percent on the same period last year. Annual revenue was up 68 percent on the year before.

Further reading:

• Lucid shares plunge after reverse stock split
• Lucid to begin full Saudi manufacturing in 2026
• Lucid says EV demand falling in US and Europe

Lucid has been majority-owned by 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.

Lucid was formed as a battery maker in 2007 but pivoted to become a luxury EV maker in 2021. Since then it has struggled. Its shares at its IPO in July of that year were worth $58. By last September they had lost more than 95 percent of their value.

Its share price is now $9.92, up 8 percent so far this year.