Lucid Motors Forges Strategic Partnership With Mohammed Bin Salman Founded Riyadh Air
Portfolio Pulse from Anan Ashraf
Lucid Group Inc (NASDAQ:LCID) has entered into a strategic partnership with Riyadh Air, a new airline founded by Saudi Arabia's Crown Prince Mohammed bin Salman and wholly owned by the Public Investment Fund (PIF). The partnership includes a memorandum of understanding to explore co-marketing, commercial, and operational collaborations. Lucid, which is 60% owned by the PIF, also recently opened a new EV manufacturing facility in Saudi Arabia. At the Dubai Airshow, Lucid Air vehicles are showcased with Riyadh Air branding.

November 14, 2023 | 3:47 am
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Lucid Group Inc's partnership with Riyadh Air could enhance brand visibility and potentially lead to increased sales and expansion opportunities in the Middle East, leveraging the PIF's support.
The partnership with Riyadh Air, which is prominently owned by the PIF, a major investor in Lucid, suggests a strong backing and a strategic move to expand Lucid's presence in the Middle East. The showcasing of Lucid Air vehicles at the Dubai Airshow with Riyadh Air branding is likely to increase brand recognition and could lead to increased interest and sales in the region. The partnership's focus on innovation and sustainability aligns with global trends in the automotive industry, which could positively influence investor sentiment and customer interest in the short term.
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