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Lucid lands 100K EV order from its Saudi investors

Lucid Group’s largest shareholder has agreed to buy 100,000 of its electric vehicles over the next decade. The government of Saudi Arabia, which is connected to the kingdom’s Public Investment Fund that owns 61% of Lucid, has made an initial commitment to buy 50,000 of Lucid’s EV with an option to purchase an additional 50,000 vehicles over that same 10-year time frame, according to an announcement Tuesday. The pledge includes the Lucid Air, a luxury sedan that launched last year, as well as future models such as the upcoming Gravity SUV.