Lucid (LCID) is ramping up its global expansion in Europe and other markets this year

Lucid (LCID) is gearing up for big growth this year. After launching its first electric SUV, the Gravity, the company plans to double production this year. According to Lucid’s interim CEO, Marc Winterhoff, the EV maker will enter new global markets this year, including parts of Europe and the Middle East.

Lucid is expanding into new global markets in 2025

With over 3,100 vehicles delivered in the first quarter, Lucid set its fifth straight quarterly record. Production is picking up at its Casa Grande manufacturing plant, with 2,213 units built from January to March.

Lucid said the record quarter was achieved despite “limited deliveries in Saudi Arabia” due to a system change that has since been fixed. The company had another 600 vehicles in transit to Saudi Arabia, which will be counted in its second quarter results.

During the Saudi-US Investment Forum on Tuesday, Winterhoff told Bloomberg that Lucid expects to accelerate its global expansion with plans to enter new parts of Europe and the Middle East this year.

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“We have started Abu Dhabi and we’re looking into Qatar and other additional markets coming very soon,” Winterhoff said.

Lucid opened its first international manufacturing plant (AMP-2) in Saudi Arabia and has been assembling its Air luxury electric sedan since September 2023. It’s also on track to finish construction on another plant in the region with 150,000 annual production capacity in 2026.

Last week, Lucid’s senior vice president, Adrian Price, announced on social media that the second batch of Gravity models was ready to ship to Saudi Arabia.

Winterhoff told Bloomberg that the company will begin delivering Saudi-made EVs locally the following year while exporting to Europe and parts of Asia, outside of China. Although no details were confirmed, Lucid is considering producing EV batteries in Saudi Arabia through a collaboration.

Saudi Arabia’s Public Investment Fund (PIF) is Lucid’s top shareholder, with a 60% stake in the company. The investment fund has invested billions in the EV startup as it aims to diversify its GDP beyond oil.

Even with Trump’s auto tariffs, Lucid expects to produce 20,000 vehicles this year, more than double the 9,000 it made in 2024.

The Lucid Gravity Grand Touring model is available to order in the US, starting at $94,900 with up to 450 miles of range. For those looking for something a little cheaper, Lucid will launch the Gravity Touring trim later this year, starting at $79,900.

Lucid ended Q1 with $5.76 billion in liquidity, which it expects will be enough to fund it into the second half of 2026, when it plans to launch its more affordable midsize platform.

Lucid’s stock has risen over 15% since reporting first quarter earnings on May 6, but share prices are still down 12% over the past year at around $2.76.