Saudi

“Lucid Motors Breaks Delivery Records and Expands Search for Electric Vehicle Customers”

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Lucid Motors delivered more EVs in the first quarter of 2024 than it has in any other quarter, though it set the record by a very slim margin. The Saudi-backed, California-based electric vehicle company said Tuesday morning that it shipped 1,967 luxury sedans in the quarter. That’s just a few more than it shipped in the fourth quarter of 2022, when it set its previous record of 1,932 deliveries. Lucid’s new delivery record comes as the company is struggling to find consistent demand for its pricey luxury sedan, the Air. But it has not specified how many Air sedans have made it to the Kingdom to date.

“Saudi Arabia Pledges Additional $1 Billion to Lucid Motors in Quest for Affluent Electric Vehicle Customers”

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Lucid Motors is raising another $1 billion from its biggest financial backer, Saudi Arabia, as it looks to blunt the high costs associated with building and selling its luxury electric sedan. The fresh funding comes just a few weeks after Lucid told investors that it only plans to build around 9,000 of its Air electric vehicles this year, a slight bump over last year’s output. It lost $2.8 billion in 2023 and finished the year with just shy of $1.4 billion in cash and equivalents. Lucid also plans to start building its electric Gravity SUV at the end of this year. Lucid announced the investment less than three weeks after CEO Peter Rawlinson told the Financial Times that he was wary of relying too heavily on Saudi Arabia to keep shoveling money into its proverbial furnace.

Construction-Tech Startup BRKZ Emerges from Stealth in MENA with $8M in Funding

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Saudi Arabia is poised to become one of the largest global construction hubs owing to its trillion-dollar infrastructure and the real estate projects that are underway in the country. BRKZ is today emerging from stealth backed by a $8 million Series A round co-led by Beco Capital and 9900 Capital. Aramco’s Wa’ed Ventures, Knollwood Investment Advisory, RZM Investment and MISY Ventures also participated in the round. Following the fresh capital injection, the B2B marketplace aims to expand in Saudi Arabia and the MENA region to facilitate contractors in procuring materials and manufacturers in selling, with a focus on same or next-day delivery. He added that the startup can process commonly ordered building materials within minutes, but more time is required for “specialized materials”.

“2023: Only 6,001 Cars Sold by Lucid Motors”

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Lucid Motors delivered only 6,001 of the 8,428 cars it built last year, as it continues to struggle to generate demand for its luxury electric sedans. Lucid also said in late 2023 that it had shipped 800 cars to Saudi Arabia to be assembled at a new facility in the Kingdom. In total, Lucid’s 2023 production and sales figures were only marginally better than they were in 2022, where it built 7,180 cars and delivered 4,369 of them. The disappointing sales figures cap a tough year for Lucid. This story has been updated to note that Lucid Motors declined to comment on whether the 800 cars in Saudi Arabia were included in the delivery figures.

“Soum receives $18M in funding to expand in the MENA region as a re-commerce leader”

Soum Cofounders Bader Almubarak Fahad Alhassan And Fahad Albassam Min
The global re-commerce market is poised for growth as consumers increasingly settle for pre-owned goods to save on cost, and as some observe conscious consumption. With the global re-commerce market expected to continue its growth spurt, C2C marketplaces like Saudi Arabia’s Soum are looking to capture users in the Middle East and North Africa (MENA) region. Soum was founded in the Kingdom of Saudi Arabia in 2021, and is now eyeing growth expansion to other MENA countries, beginning with the United Arabs Emirates. Beyond expansion, the startup, whose top listings are electronics, is also increasing the categories it covers by including products like automobiles and collectibles. This is the preposition that Soum brings to the table.”Soum manages the entire process from listing to delivery.

Tamara, Saudi Arabia’s Shopping and BNPL Platform, Achieves $1B Valuation in $340M Series C Funding Round

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Tamara, a buy now pay later platform for consumers in Saudi Arabia and the wider GCC region, has raised $340 million in a financing C round that values the fintech at $1 billion. Both startups, albeit competitors, highlight the surging growth in BNPL usage, particularly in Saudi Arabia, the market that makes up more than 80% of Tamara and Tabby’s customer base. “Saudi Arabia and the GCC deserves its place on the world stage for financial technology. Before launching Tamara, Alsukhan co-founded Nana, a digital grocery shopping platform where he was the chief financial officer for three years. Tamara is also allocating part of the investment to introduce new products and services beyond BNPL and capitalizing on opportunities in shopping and financial services across Saudi Arabia and the GCC.