Lucid Group, Inc. (LCID), shares rose 6% in the hours following announcements that the Government of Saudi Arabia would purchase 100,000 vehicles for a ten-year term. It was the largest ever purchase commitment of sustainable electric cars.

Saudi Arabia’s government has committed to purchasing Lucid Air and future models. The order volume is expected to range from 1,000 to 2000 vehicles per year and rise to between 4,000 and 7,000 units starting in 2025. The vehicles will begin delivery no later that H2/23.

Lucid shares are currently down 54% over the past year.

By Davit Kirakosyan