The GCC Electric Vehicles Market was valued at USD 4.33 billion in 2022 and is expected to grow at a CAGR of 22.06% during the forecast period (2023-2030).
Lucid Motors, is a renowned electric vehicle manufacturing company based in the US. The company has its headquarters in California as well as manufacturing unit in Arizona. This facility is the first greenfield EV factory in North America. Outfitted with the world’s most advanced production line equipment, the factory will have the initial capacity to produce 10,000 cars a year, and over 300,000 annually with planned expansion. The company with its aim to enhance its presence across the globe has done various collaborations with the GCC countries. As the region is one of the fast growing economically, it is a viable market for the future technologies such as electric vehicles.
LUCID’S ELECTRIC CAR SEGMENT”
Lucid offers a wide range of cars under its Air and Gravity categories. These cars offer range of 384 miles, 394 miles, and 410 miles with total power of 430 hp and 480 hp. Three car models including pure, touring and grand touring are offered by the company with enhanced functionality for improved range and power.
COLLABORATIONS AND PARTNERSHIPS”
Lucid Motors recognizes the importance of collaborations and has forged numerous strategic partnerships to enhance product development and consumer access. One such collaboration is with virtual agreement with the government of Saudi Arabia to establish an electric car manufacturing unit in Saudi Arabia with the total cost of USD 3.4 billion. According to the government 85% of the total production of the Riyadh plant would be exported. Furthermore, this is the first manufacturing unit of the company outside US with an initial capacity to produce 5,000 units per year and Saudi government pledged to buy 100,000 units over next decade.
Another key deal by Lucid Motors was between Aston Martin for the establishment of electric car manufacturing unit in Saudi Arabia. Aston Martin will buy electric car batteries from Lucid on exchange of 3.7% stake. The USD210 million deal will also involve making cash payments to the US company for its electric vehicle (EV) technology.
Additionally, Lucid has long-standing partnerships with renowned manufacturers in the construction and automotive industries. These collaborations enable the company to create a comprehensive ecosystem along with a robust electric vehicle offering in the GCC region.
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CONSUMER BASE”
Lucid Motors serves a wide range of customers looking for premium electric car with higher range and fast charging. The company offers its cars in SUV and Sedan class which provide luxury feature such as floating display, ADAS, higher power output, greater range, etc. The major consumers for the cars in Middle east region are medium to high class customers who are looking for an alternative in luxury segment as compared to Tesla and BYD.
RECENT DEVELOPMENTS”
In 2023, the company is anticipated to launch its luxury SUV Gravity by the end of 2024 which would start with the total pricing of USD80,000 ranging up to USD 200,000.
In 2023, the company announced to launch its first sport electric car. The Lucid Air Sapphire is the world’s first fully electric luxury super-sports sedan, achieving 0-60 mph in 1.89 seconds, 0-100 mph in 3.84 seconds, and the quarter mile in 8.95 seconds, with a top speed of 205 mph.
SHORT TERM AND LONG-TERM STRATEGIES”
In the short term, Bosch aims to expand its product portfolio in the electric car segment by introducing SUV and sports cars running on electric powertrain. These new cars would help company build its presence in fast growing SUV segment across the globe.
For the long term, Bosch plans to strengthen its presence in emerging markets, focusing on countries with increasing demand for electric vehicles and its charging infrastructure. Moreover, the company aims to intensify research and development efforts to create sustainable, energy-efficient electric vehicles that align with global environmental initiatives.
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CONCLUSION”
Lucid Motors’ growth in the electric vehicle industry is noticeable. The company's commitment to innovation, strategic collaborations, and diverse consumer base solidifying its market position in North America, China, Europe and Middle East region. With continuous focus on sustainability and technological integration, Lucid is poised to expand its presence in future automotive technologies, ensuring efficiency, quality, and eco-conscious practices in the industry. According to the UnivDatos the rising fuel prices, increasing demand for sustainable transportation, and advancements in technology has accelerated demand in the sector.
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