Lucid wins Saudi Arabia's order for 100,000 electric vehicles, deliveries to start in Q2 next year

$Lucid Group(LCID.US)$ will sell up to 100,000 electric cars to Saudi Arabia over the next 10 years. According to a statement on Tuesday, the carmaker reached an agreement with the Saudi Ministry of Finance to provide 50,000 electric vehicles over that period, with the option to purchase another 50,000. $Lucid Group(LCID.US)$ said it would begin delivering the vehicles in the second quarter of 2023. The agreement initially calls for 1,000 to 2,000 electric vehicles per year, which will increase to 4,000 to 7,000 per year from 2025 onwards.
Saudi Arabia has become one of the largest purchasers of plug-in electric vehicles ever, with Saudi Arabia holding about 61 per cent of Lucid through its sovereign wealth fund. Lucid recently began production of its first model, the Air sedan, at its plant in Casa Grande, Arizona; the company announced in February this year that it planned to build a second car plant in Saudi Arabia. The purchase agreement announced on Tuesday is for the Air and other "future models".
At press time, Lucid's US shares were up 5.95% after hours on Tuesday.