EVs seen to account for 30% of total sales in GCC by 2030: Lucid’s Sultan

Faisal Sultan, Vice President, Managing Director of Lucid Middle East

Faisal Sultan, Vice President, Managing Director of Lucid Middle East, said he expects electric vehicle (EV) sales to make up 30% of total car sales in the GCC by 2030.

Lucid aims to transform its factory in Saudi Arabia to an EV assembly plant, Sultan told Asharq News on the sidelines of the Future Investment Initiative (FII) Conference.

Localization of supply chains ensures the availability of necessary spare parts near the factory, in addition to a favorable environment including the car charging infrastructure. This will help consumers in multiple ways, Sultan noted, adding that cost will be lower in the long term.

EVs are much cheaper than energy costs, Sultan said, expecting EVs to account for 50% of total car sales by 2030.