Lucid Shares Up 6% on 100,000 Saudi Arabia Car Buy Order By Investing.com
© Reuters. Lucid Shares Up 6% on 100,000 Saudi Arabia Vehicle Purchase Order
Lucid Group, Inc. (LCID) shares rose 6% after-hours after the company announced that the Government of Saudi Arabia agreed to purchase 100,000 vehicles over a ten-year period, representing one of the largest-ever purchase commitments of its kind for sustainable electric vehicles.
The government of Saudi Arabia has pledged to purchase Lucid Air and other future models, with order quantity expected to be in the range of 1,000-2,000 vehicles annually and increase to 4,000-7,000 vehicles starting in 2025. The delivery of the vehicles will be commenced no later than H2/23.
Shares of Lucid are down 54% year-to-date.
By Davit Kirakosyan