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Reuters

Lucid says Saudi Arabia will purchase up to 100,000 vehicles over 10 years

Saudi Arabia commits to purchase 50,000 vehicles under the agreement, with an option to buy an additional 50,000 vehicles during the ten-year time frame, Lucid said in a statement. The deal marks the latest tie-up between the California-based EV company and Saudi Arabia, whose Public Investment Fund is Lucid’s largest shareholder, with about a 61% stake in the company. Lucid, which currently manufactures its vehicles at a plant in Arizona, also plans to build its first overseas production factory in Saudi Arabia later this year, where it expects to eventually manufacture up to 150,000 vehicles per year.

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