Lucid Group Inc (NASDAQ:LCID) shares are trading higher Wednesday after the company announced an agreement with the Government of Saudi Arabia, under which the Government will purchase up to 100,000 vehicles over a ten-year period.
Under terms of the agreement, the Government of Saudi Arabia committed to purchasing 50,000 vehicles and has the option to purchase up to an additional 50,000 vehicles.
The order quantity is expected to range from 1,000 to 2,000 vehicles annually and increase to between 4,000 and 7,000 vehicles annually starting in 2025. Vehicle deliveries are required to begin no later than the second quarter of 2023.
Lucid aims to inspire the adoption of sustainable energy by creating advanced technologies and captivating luxury electric vehicles centered around the human experience.
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LCID 52-Week Range: $16.12 - $57.75
According to data from Benzinga Pro, the stock was up 3.06% at $18.18 at press time.
Photo: courtesy of Lucid.
