Lucid Broadcasts Opening of its First Center East Studio in Riyadh, Saudi Arabia

New Riyadh Studio set to open at 9:00 AST on Tuesday, October twenty fifth at I Mall, Riyadh

RIYADH, Saudi Arabia, Oct. 24, 2022 /PRNewswire/ — Lucid Group, Inc. (NASDAQ: LCID), setting new requirements with the longest-range, fastest-charging electrical automotive in the marketplace, at the moment introduced the opening of its first Studio within the Center East, situated in Riyadh, Saudi Arabia. The posh retail area will invite clients to expertise the model and its merchandise within the coronary heart of Riyadh’s Al Nakheel District. With a direct-to-consumer mannequin, each Lucid Studio presents a digitally oriented premium expertise tailor-made to every buyer’s preferences, whether or not they go to in individual, make enquiries completely on-line, or mix the 2.

“The launch of our first Studio within the Center East marks yet one more step in the direction of Lucid’s mission to encourage the adoption of sustainable vitality on a worldwide scale, and I am delighted this brand-new studio is ready to open right here in Saudi Arabia,” stated Peter Rawlinson, Lucid’s CEO and CTO. “Saudi Arabia acknowledges the seismic transition towards vehicle electrification and it seems to the longer term to safe a greater world for generations to come back with Saudi Imaginative and prescient 2030.”

Lucid’s Riyadh Studio will permit clients to completely expertise the model and acquire details about its merchandise in a location that underscores the corporate’s distinctive design aesthetic. Exploring a Lucid Studio, guests will get a imaginative and prescient of how the corporate attracts inspiration from the wonder, innovation, and variety of its residence, the state of California.

“We’re extremely excited to be celebrating this milestone at the moment, opening our Studio in Riyadh is one other optimistic step of our journey in Saudi Arabia,” stated Faisal Sultan, Vice President and Managing Director of Lucid Center East. “Our in-depth data of the area and our strategic partnerships allow us to ship merchandise catered to our buyer base within the Center East, and we’re delighted to have the ability to meet their rising calls for for electrical vehicles in our journey to fight local weather change.” 

Earlier this yr, Lucid introduced plans for a full manufacturing manufacturing facility at King Abdullah Financial Metropolis (“KAEC”) in Saudi Arabia. Lucid plans to determine operations at KAEC for re-assembly of Lucid Air autos which are pre-manufactured on the firm’s U.S. AMP-1 Manufacturing Facility in Casa Grande, Arizona, and, over time, for manufacturing of full autos. At its peak, the corporate expects to fabricate as much as 155,000 autos per yr on the KAEC facility.

In April 2022, Lucid introduced an settlement with the Authorities of Saudi Arabia, underneath which the Authorities will buy as much as 100,000 autos over a ten-year interval, with an preliminary dedication to buy 50,000 autos and an choice to buy as much as an extra 50,000 autos over the identical interval.

About Lucid Group
Lucid’s mission is to encourage the adoption of sustainable vitality by creating superior applied sciences and essentially the most fascinating luxurious electrical autos centered across the human expertise. The corporate’s first automotive, Lucid Air, is a state-of-the-art luxurious sedan with a California-inspired design that options luxurious full-size inside area in a mid-size exterior footprint. The Lucid Air Grand Touring options 819 horsepower and an estimated 830 kilometers of vary. Buyer deliveries of Lucid Air, which is produced at Lucid’s manufacturing facility in Casa Grande, Arizona, are at the moment underway to U.S. clients.

Media Contact
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This communication comprises emblems, service marks, commerce names and copyrights of Lucid Group, Inc. and its subsidiaries and different firms, that are the property of their respective homeowners.

Ahead-Trying Statements
This communication consists of “forward-looking statements” inside the that means of the “protected harbor” provisions of the USA Personal Securities Litigation Reform Act of 1995. Ahead-looking statements could also be recognized by means of phrases resembling “estimate,” “plan,” “mission,” “forecast,” “intend,” “will,” “shall,” “anticipate,” “anticipate,” “consider,” “search,” “goal,” “proceed,” “may,” “might,” “may,” “attainable,” “potential,” “predict” or different comparable expressions that predict or point out future occasions or tendencies or that aren’t statements of historic issues. These forward-looking statements embrace, however aren’t restricted to, statements concerning plans and expectations with respect to Lucid’s Riyadh studio, together with studio expertise, Lucid’s plans, methods, and expectations concerning its future manufacturing capabilities and services in Saudi Arabia, together with future manufacturing capability, Lucid’s expectations concerning the Authorities of Saudi Arabia’s dedication to buy autos, and the promise of Lucid’s know-how. These statements are based mostly on numerous assumptions, whether or not or not recognized on this communication, and on the present expectations of Lucid’s administration. These forward-looking statements aren’t meant to function, and should not be relied on by any investor as, a assure, an assurance, or a definitive assertion of reality or chance. Precise occasions and circumstances are tough or not possible to foretell and should differ from these forward-looking statements. Many precise occasions and circumstances are past the management of Lucid. These forward-looking statements are topic to plenty of dangers and uncertainties, together with these components mentioned underneath the heading “Danger Components” in Half II, Merchandise 1A of Lucid’s Quarterly Report on Kind 10-Q for the quarter ended June 30, 2022, in addition to different paperwork Lucid has filed or will file with the Securities and Alternate Fee. If any of those dangers materialize or Lucid’s assumptions show incorrect, precise outcomes may differ materially from the outcomes implied by these forward-looking statements. There could also be further dangers that Lucid at the moment doesn’t know or that Lucid at the moment believes are immaterial that would additionally trigger precise outcomes to vary from these contained within the forward-looking statements. As well as, forward-looking statements replicate Lucid’s expectations, plans or forecasts of future occasions and views as of the date of this communication. Lucid anticipates that subsequent occasions and developments will trigger Lucid’s assessments to vary. Nonetheless, whereas Lucid might elect to replace these forward-looking statements in some unspecified time in the future sooner or later, Lucid particularly disclaims any obligation to take action. These forward-looking statements shouldn’t be relied upon as representing Lucid’s assessments as of any date subsequent to the date of this communication. Accordingly, undue reliance shouldn’t be positioned upon the forward-looking statements.  

SOURCE Lucid Group

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