Lucid Group Inc (LCID.O), an electric manufacturer, announced on Tuesday that it has secured a deal with the Saudi government for the purchase of up to 100,000 of its cars over the next ten years.

According to Lucid, Saudi Arabia has agreed to acquire 50,000 vehicles under the arrangement, with the option to buy another 50,000 vehicles over the next ten years.

Following the announcement, Lucid’s stock surged 5.4 percent in extended session.

The acquisition is the latest collaboration between the California-based electric vehicle startup and Saudi Arabia’s Public Investment Fund, which owns around 61 percent of Lucid.

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