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Saudi Arabia’s public wealth fund holds an approximately 62% stake in the U.S.-based automaker, which began production of its Air luxury sedan last September.
Lucid’s shares were up more than 4% in after-hours trading following the news.
Saudi Arabia’s Ministry of Finance has agreed to buy at least 50,000 of its vehicles over the next 10 years, with an option to buy an additional 50,000 over the same period, Lucid said.
The purchases will include vehicles built at Lucid’s existing factory in Arizona as well as a new factory it plans to build in Saudi Arabia, and will be a mix of Air sedans and upcoming new models.
Saudi Arabia’s initial orders will be modest, between 1,000 and 2,000 vehicles per year starting in 2023. Deliveries to the oil-rich kingdom will increase to between 4,000 and 7,000 per year starting in 2025, Lucid said.
Supply-chain challenges have hampered Lucid’s efforts to ramp up production at its Arizona factory. The company in February slashed its 2022 production guidance, saying it expects to build just 12,000 to 14,000 vehicles this year, down from the 20,000 it had previously forecast.