Lucid Expands its Presence in the Middle East, Bringing the Award-Winning Lucid Air to the United Arab Emirates

Middle East - English

• Middle East - Arabic

The opening of its new retail studio in Dubai, located in City Walk Dubai,
is the company's second retail space in the Middle East

DUBAI, UAE, May 31, 2024 /PRNewswire/ -- Lucid Group, Inc. (NASDAQ: LCID), maker of the world's most advanced electric vehicles, has announced its expansion into the United Arab Emirates with the opening of its latest retail location in Dubai. Located at the urban open-air destination City Walk, the Dubai Studio is Lucid's second retail space in the Middle East and underscores the company's commitment to bringing its unrivaled electric vehicle experience to more drivers across the globe.

"The expansion of Lucid into the United Arab Emirates is a significant milestone for the company," said Faisal Sultan, Vice President and Managing Director, Middle East at Lucid. "The region continues to build momentum in its shift towards sustainable energy, emerging as a key market in EV ownership. With our studios in Riyadh and now in Dubai, we look forward to providing drivers in the Middle East and its surrounding areas with the innovative and dynamic experience of the award-winning Lucid Air."

Studio Experience

Every studio offers a digitally oriented luxury experience tailored to each customer's preferences, whether they visit in person, make inquiries entirely online, or combine the two. Lucid studios allow customers to experience the brand and learn about its products in settings that highlight the company's distinctive design style. Visitors will get a close insight into the award-winning Lucid Air, underscoring the company's unique aesthetic and providing an opportunity to delve deeper into Lucid's products and technology, all designed and engineered in its home state of California.

Located in the heart of Dubai, the newest Lucid Studio marks the company's growing footprint in the Middle East and commitment to delivering exceptional electric vehicles across the region. With the opening of the new studio, Lucid now has a total of 38 studio locations worldwide. Additionally, Lucid will inaugurate its first service centre in the city, located in Dubai Investment Park, offering comprehensive service support to the country.

Lucid Air models in the UAE start at prices¹ of AED 309,750,000 for the Air Pure Rear-Wheel Drive, Single-motor (430 hp); AED 345,450 for the Air Touring All-Wheel Drive, Dual-motor (620 hp); AED 519,750 for the Air Grand Touring All-Wheel Drive, Dual-motor (819 hp); and AED 996,450 for the Air Sapphire All-Wheel Drive, Tri-motor (1,234 hp).

For more detailed information, please refer to the following link:
https://lucidmotors.com/en-ae/

About Lucid Group

Lucid's mission is to inspire the adoption of sustainable energy by creating advanced technologies and the most captivating luxury electric vehicles centred around the human experience. The Company's first car, the Air, is a state-of-the-art luxury sedan with a California-inspired design. Assembled at Lucid's factories in Casa Grande, Arizona, and King Abdullah Economic City (KAEC), Saudi Arabia, deliveries of Lucid Air are currently underway to customers in the U.S., Canada, Europe, and the Middle East.

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Trademarks 
This communication contains trademarks, service marks, trade names and copyrights of Lucid Group, Inc. and its subsidiaries and other companies, which are the property of their respective owners.

Forward-Looking Statements

This communication includes "forward-looking statements" within the meaning of the "safe harbour" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "estimate," "plan," "project," "forecast," "intend," "will," "shall," "expect," "anticipate," "believe," "seek," "target," "continue," "could," "may," "might," "possible," "potential," "predict" or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the plans and expectations with respect to Lucid's presence in the region and the promise of Lucid's technology. These statements are based on various assumptions, whether or not identified in this communication, and on the current expectations of Lucid's management. These forward-looking statements are not intended to serve as and must not be relied on by any investor as, a guarantee, an assurance, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and may differ from these forward-looking statements. Many actual events and circumstances are beyond the control of Lucid. These forward-looking statements are subject to a number of risks and uncertainties, including those factors discussed under the heading "Risk Factors" in Part II, Item 1A of Lucid's Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, as well as other documents Lucid has filed or will file with the Securities and Exchange Commission. If any of these risks materialize or Lucid's assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Lucid currently does not know or that Lucid currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Lucid's expectations, plans or forecasts of future events and views as of the date of this communication. Lucid anticipates that subsequent events and developments will cause Lucid's assessments to change. However, while Lucid may elect to update these forward-looking statements at some point in the future, Lucid specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Lucid's assessments as of any date subsequent to the date of this communication. Accordingly, undue reliance should not be placed upon the forward-looking statements.

¹ Pricing includes VAT 5%. Includes vehicle registration & destination fees for UAE market only.

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