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Saudi Arabia Orders Up to 100,000 Electric Vehicles in Boost to Startup Lucid

Saudi Arabia will purchase between 50,000 and 100,000 electric vehicles over the next decade from Lucid Group Inc., which is backed by the kingdom’s sovereign-wealth fund, in a boost to the car maker’s push to increase sales revenue.

Lucid shares rose 4.3% to $18.42 after hours Tuesday following the announcement.

The Saudi government said the decision was in line with efforts to make its fleet more environmentally friendly and diversify the national economy away from oil. Lucid was selected, the government said, because the company is setting up a full production factory in Saudi Arabia—its first international manufacturing plant, which is aiming to produce 150,000 cars annually.

Read More on The Wall Street Journal