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Benzinga
Benzinga
Business
Rachit Vats

Tesla Rival Lucid Bags Deal To Sell 100,000 EVs To Saudi Arabia

Lucid Saudi Arabia Nasdaq LCID Lucid Group, Inc. electric vehicle Luxury electric vehicles

Lucid Group Inc (NASDAQ:LCID) said on Tuesday it has entered a deal with the government of Saudi Arabia to sell up to 100,000 electric vehicles over the next 10 years, sending shares of the luxury electric vehicle startup higher after the bell.

What Happened: The deal will see the monarch buy 50,000 EVs with an option to buy an additional 50,000 vehicles during the 10-year time frame.

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