Lucid Group, Inc. LCID shares are soaring on Thursday, and have risen more than 17% over the past month. Here’s what’s going on:
Understanding the Situation:
The Federal Reserve made a firm decision to hold interest rates steady on Wednesday, then indicated three forthcoming interest rate reductions anticipated in 2024. This was followed by positive retail sales data and job figures released on Thursday, driving the markets even higher.
As reported by Reuters, Lucid has successfully assembled nearly 800 vehicles at its factory in Saudi Arabia since its opening in September. This newly completed facility in Saudi Arabia has an initial yearly production capacity of 5000 electric vehicles. Moreover, Lucid has secured an agreement with the Saudi government for the purchase of up to 100,000 vehicles across a decade.
Lucid’s stock is experiencing a significant surge in trading volume on Thursday, with more than 59.7 million shares already exchanged during the session. According to data from Benzinga Pro, the trading volume for Thursday has surpassed the stock’s average volume of 28.591 million shares over the past 100 days.
In addition, Lucid’s rival electric vehicle manufacturer, Rivian Automotive, Inc. RIVN, recently announced a deal with AT&T to acquire Rivian’s electric vehicles as part of a pilot program focused on reducing transport emissions.
This Monday, Lucid declared the unexpected resignation of its CFO, Sherry House.
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LCID Price Movement: According to Benzinga Pro, Lucid Group shares are up 9.5% at $4.92 at the time of publication.
Image: Courtesy of Lucid Group, Inc.