The Saudi government announced a deal with electric car maker Lucid Motors on 26 April to buy 50,000 vehicles from the US firm over ten years, with an option for up to 50,000 more. Lucid currently has one manufacturing plant in Arizona but is setting up another in the kingdom with production capacity of up to 150,000 cars a year. Nasdaq-listed Lucid is 61% owned by the Saudi government’s Public Investment Fund.
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