[Reuters]— US emerging electric vehicle (EV) maker Lucid Group announced on the 26th that it has agreed with the Saudi Arabian government to deliver up to 100,000 units over the next 10 years.
The Saudi government has the option of purchasing 50,000 units and an additional 50,000 units in 10 years.
Following the announcement, Lucid’s share price rose 5.4% in after-hours trading.
Saudi government-affiliated fund “Public Investment Fund (PIF)” holds about 61% of Lucid’s stake.
Lucid is currently producing at its Arizona plant, but this year it will embark on its first overseas production at its Saudi plant. The Saudi plant will eventually aim to produce 150,000 units a year.
Delivery will start by 2023, orders will start from 1000-2000 units a year, and will reach 4000-7000 units in 2013.