(Lucid) Shares of Lucid Group rose almost 7% on Wednesday after announcing that Saudi Arabia would purchase up to 100,000 of its electric vehicles.
The company said the Government of Saudi Arabia will buy the EVs over a ten-year period, with an initial commitment of 50,000 units and another optional 50,000 in the same period.
The government pledged to purchase the vehicles, which includes Lucid Air and its other future models made or assembled at its Arizona factory or at the facility in the Saudi Kingdom.
Lucid CEO Peter Rawlinson said delivering up to 100,000 EVs in Saudi Arabia is monumental in its acceleration of sustainable transportation solutions globally.
The purchase of the vehicles will be based on the lower end of the standard retail price in Saudi Arabia and the US, including related logistics and importation costs.
The move happens as part of Saudi’s 2030 vision and green initiatives to transform the Kingdom through sustainable mobility technologies.
LCID: NASDAQ is up +6.97% on premarket
