Awkward: Saudi Arabia's new EV brand takes on the U.S. rival it already controls

“Combined, their full-capacity targets are roughly 10 times what the domestic market can plausibly absorb near-term.”

Saudi Arabia’s PIF owns about 58% of Lucid and now backs Ceer to compete with it. Lucid’s Saudi sales fell 57% this year while BYD’s rose 369%. Ceer is building for 240,000 cars a year in a market that cannot absorb anything close. The government already agreed to buy up to 100,000 Lucids to prop up the first bet.