Lucid Group Stock News and Forecast: LCID stock rallies as production set for Saudi Arabia
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Subscribe to Premium- Lucid stock soars 11% on news of production moving forward for the Saudi plant.
- LCID stock could get a further boost as China moves to stimulate the economy.
- China is the world's largest electric vehicle market.
Lucid Group (LCID) powered ahead on Thursday as investors digested some positive news regarding production timelines caused by the acceleration of Lucid's planned Saudi Arabia plant. Lucid closed at $19.27 for a gain of 11% on Thursday.
Also read: TSLA fails as more Elon Musk headlines dominate
Lucid Group Stock News
Lucid held a signing event on Thursday to announce details of the planned production of its new factory in Saudi Arabia. The agreements provide financing of up to $3.4 billion for Lucid to push ahead with its ambitious plans. This is a serious advantage over other startup EV players at a time when credit and the cost of credit are becoming more expensive. This definitely removes some uncertainty.
The factory in Saudi Arabia will have a capacity for up to 150,000 vehicles per year, and Saudi Arabia has committed to purchase up to 100,000 vehicles from Lucid.
"We are thrilled to be supporting Saudi Arabia in achieving its sustainability goals and net-zero ambitions, as outlined in Saudi Vision 2030 and the Saudi Green Initiative, by taking steps to help diversify Saudi Arabia's economy through the establishment of manufacturing capacity in KAEC for up to 155,000 of Lucid's zero-emissions, electric vehicles per year," said CEO Peter Rawlinson.
Also of note is China pushing ahead with plans to ease monetary policy as it launched a surprise 15 basis points interest rate cut overnight. China is the world's biggest EV market. Reports have also circulated this week that China is set to extend its stimulus plan for electric vehicles.
Lucid Group Stock Forecast
$20.67 is the key resistance to get above as that ends the bearish setup and puts LCID stock back on a neutral outlook. $28.17 will then turn it decidely bullish.
LCID stock chart, daily
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- Lucid stock soars 11% on news of production moving forward for the Saudi plant.
- LCID stock could get a further boost as China moves to stimulate the economy.
- China is the world's largest electric vehicle market.
Lucid Group (LCID) powered ahead on Thursday as investors digested some positive news regarding production timelines caused by the acceleration of Lucid's planned Saudi Arabia plant. Lucid closed at $19.27 for a gain of 11% on Thursday.
Also read: TSLA fails as more Elon Musk headlines dominate
Lucid Group Stock News
Lucid held a signing event on Thursday to announce details of the planned production of its new factory in Saudi Arabia. The agreements provide financing of up to $3.4 billion for Lucid to push ahead with its ambitious plans. This is a serious advantage over other startup EV players at a time when credit and the cost of credit are becoming more expensive. This definitely removes some uncertainty.
The factory in Saudi Arabia will have a capacity for up to 150,000 vehicles per year, and Saudi Arabia has committed to purchase up to 100,000 vehicles from Lucid.
"We are thrilled to be supporting Saudi Arabia in achieving its sustainability goals and net-zero ambitions, as outlined in Saudi Vision 2030 and the Saudi Green Initiative, by taking steps to help diversify Saudi Arabia's economy through the establishment of manufacturing capacity in KAEC for up to 155,000 of Lucid's zero-emissions, electric vehicles per year," said CEO Peter Rawlinson.
Also of note is China pushing ahead with plans to ease monetary policy as it launched a surprise 15 basis points interest rate cut overnight. China is the world's biggest EV market. Reports have also circulated this week that China is set to extend its stimulus plan for electric vehicles.
Lucid Group Stock Forecast
$20.67 is the key resistance to get above as that ends the bearish setup and puts LCID stock back on a neutral outlook. $28.17 will then turn it decidely bullish.
LCID stock chart, daily
Like this article? Help us with some feedback by answering this survey:
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