Lucid, the electric vehicle (EV) manufacturer, is poised for significant growth in 2025. Following the launch of its first electric SUV, the Gravity, the company is set to double its production output this year. Interim CEO Marc Winterhoff has announced plans to expand into new global markets, including parts of Europe and the Middle East.
In the first quarter of the year, Lucid delivered over 3,100 vehicles, marking its fifth consecutive quarterly record. Production at its Casa Grande manufacturing plant has been ramping up, with 2,213 units built from January to March. Despite facing challenges with limited deliveries in Saudi Arabia, which have since been resolved, the company is optimistic about its performance in the second quarter.
Winterhoff revealed during the Saudi-US Investment Forum that Lucid is looking to accelerate its global expansion by entering new markets in Europe and the Middle East. The company has already begun operations in Abu Dhabi and is exploring opportunities in Qatar and other regions.
Lucid has established its first international manufacturing plant in Saudi Arabia, where it has been assembling its Air luxury electric sedan since September 2023. Construction is also underway for another plant in the region with an annual production capacity of 150,000 vehicles, set to be completed in 2026.
The company’s senior vice president, Adrian Price, recently announced the readiness of the second batch of Gravity models for shipment to Saudi Arabia. Additionally, Lucid is considering producing EV batteries in Saudi Arabia through a potential collaboration.
With the Public Investment Fund (PIF) of Saudi Arabia holding a 60% stake in Lucid, the company has received significant support for its expansion plans. The PIF’s investments in the EV startup align with the country’s goal of diversifying its economy away from oil.
Despite challenges such as auto tariffs, Lucid remains optimistic about its production targets for 2025. The Gravity Grand Touring model, offering up to 450 miles of range, is available for order in the US starting at $94,900. A more affordable Gravity Touring trim, starting at $79,900, is set to be launched later this year.
Ending the first quarter with $5.76 billion in liquidity, Lucid is confident in its financial position to fund its operations through the second half of 2026. The company’s stock has seen a recent increase following the first quarter earnings report, indicating positive investor sentiment towards its growth prospects.
