Saudi Arabia’s government will be buying between 50,000 and 100,000 electric vehicles (EVs) over the next decade from Lucid Motors, which is part-owned by the Saudi Public Investment Fund (PIF), the Saudi Ministry of Finance announced in a press statement.
Lucid Motors, that is 61% owned by PIF, is currently building a factory to assemble its electric vehicles in Saudi Arabia, which will be its first overseas. The factory is supposed to be completed by by 2025 or 2026, and is projected to manufacture up to 150,000 electric vehicles per year.
The electric car maker recently started production of its first model, the Air sedan, at its factory in Casa Grande, Arizona.
The Saudi and US factories are expected to build the new EVs ordered by the Saudi government, Reuters reported.
Shares for Lucid soared 5.4% in extended trading following the announcement.
