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

RIYADH, Saudi Arabia—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.

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