Lucid has a deal with Saudi Arabia to sell up to 100,000 electric vehicles.

Over the next decade, Lucid Group Inc. expects to sell 100,000 electric cars to the Kingdom of Saudi Arabia, making it one of the largest-ever acquisitions of plug-in automobiles.

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According to a statement released Tuesday, the manufacturer secured an agreement with Saudi Arabia's Ministry of Finance for 50,000 electric vehicles over the next five years, with an option for additional 50,000. Lucid said that deliveries will begin in the second quarter of 2023.

Saudi Arabia's sovereign wealth fund controls around 61 percent of Lucid. Lucid just began manufacturing of its first model, the Air sedan, at its facility in Casa Grande, Ariz., while it announced plans to open a second automobile factory in Saudi Arabia in February. The Air and other "future models" are included in the acquisition deal revealed on Tuesday.

The agreement plans for 1,000 to 2,000 electric vehicles per year at first, rising to 4,000 to 7,000 by 2025.

The specifics of the pricing were not disclosed. According to the company's statement:

"The vehicle purchase price will be determined by the lower of the standard retail price for the applicable vehicle in Saudi Arabia and the standard retail price for the applicable vehicle in the United States, plus the logistics and importation costs, as well as other costs of delivering and homologating vehicles to Saudi Arabian regulations."