Lucid Group gains on ten-year EV deal with Saudi Arabian government
JannHuizenga/iStock Unreleased via Getty Images


Lucid Group (NASDAQ:LCID) has gained ~7% in extended trading after the EV maker announced a deal with the Government of Saudi Arabia, pursuant to which the government will purchase up to 100K vehicles over a ten-year period.

The deal includes an an initial commitment to purchase 50K vehicles, with an option that allows purchase up to an additional 50K over the same period.
The Saudi Arabian government has agreed to invest in Lucid Air and other future models, manufactured and at Lucid's existing Arizona plant and its future international manufacturing facility in Saudi Arabia.
The order quantity is likely to range between 1,000 to 2,000 units per year and expand to 4,000-7,000 units annually starting in 2025.
Delivery of the vehicles is required to commence no later than the second quarter of 2023.