Lucid Stock Rises After $1.5 Billion Investment for New SUV, Saudi Factory

Lucid Group (LCID) shares roseate Tuesday aft nan institution posted second-quarter results aft nan doorbell Monday and announced $1.5 cardinal successful backing commitments from an connection of nan Public Investment Fund of Saudi Arabia.

This backing from Ayar Third Investment Co., besides Lucid's majority shareholder, will beryllium utilized to build a mill successful Saudi Arabia pinch nan capacity to nutrient 150,000 vehicles annually, according to a study from Reuters. The costs will besides spell toward accumulation of nan company’s caller Gravity SUV, nan study said. 

Wider Loss Per Share Than Expected

For nan 2nd quarter, Lucid posted gross of $200.6 million, amended than analysts’ expectations, and a nonaccomplishment of 34 cents per share, wider than forecasts, according to Visible Alpha.

"I'm very encouraged by our income and market-share momentum we're experiencing, nan benefits we're realizing from our costs optimization programs, and nan excitement that's been building into nan Lucid Gravity launch, mounting a beardown instauration for nan remainder of nan year," Chief Executive Officer (CEO) Peter Rawlinson said successful a statement. 

Shares of Lucid gained 13% astatine unfastened Tuesday, but had fixed backmost immoderate of their gains successful nan early day to guidelines 6% higher astatine $3.18. The banal is disconnected astir 25% truthful acold successful 2024.