Lucid Group said that the government of Saudi Arabia has agreedIt plans to purchase 100,000 more electric vehicles in the next ten year.

Saudi Arabia has a public wealth fund an approximately 62% stakeThe U.S-based automaker is which began production of its Air luxury sedan last September.

Lucid’s shares were more than 4% higher in the hours following the news.

Lucid reported that Saudi Arabia’s Ministry of Finance had agreed to buy at most 50,000 of its vehicles within the next ten-year period. Lucid also indicated that they have the option of buying an additional 50,000.

Lucid will purchase vehicles from its Arizona factory as well as the new Saudi Arabian factory. The new factory will produce a mixture of Air sedans as well as future models.

Saudi Arabia will order between 1000 and 2,000 cars per year in its initial orders, which is expected to increase over the next few years. This could be as low as 1,000 vehicles annually starting in 2023. Lucid indicated that the kingdom’s oil-rich country will see an increase in deliveries, with a range of 4,000 to 7,000 vehicles per year from 2023.

Lucid has had to stop production from its Arizona plant because of supply-chain issues. This company was founded in February slashed its 2022 production guidanceIt stated that it anticipates building just 12,000-14,000 vehicles in 2013, down from the previous forecast of 20,000.