Lucid Motors, an electric vehicle (EV) manufacturer, has seen a surge in stock prices by 98% to $17.81 which later drop back 43% to $12.87, this is based on reports that Saudi Arabia's Public Investment Fund (PIF) is planning to purchase the remaining stake in the company. This news suggests that Lucid will now be owned entirely by PIF.
The Saudi Arabia Public Investment Fund presently possess sixty-five percent of Lucid, and has not declared whether it will purchase the outstanding shares.
Trading was suspended multiple times on the New York Stock Exchange Friday afternoon, owing to increased market volatility.
Lucid ($LCID) stock began to climb in the afternoon on the 27th of January, to a value of $17.80. Unfortunately, the surge was cut short shortly around 3p.m., the stock had only gained 48% and was at $13.28. Trading has been incredibly active for this stock; 168.54 million shares have been exchanged so far in the day which is more than six times.
Previously, Lucid's stock price plummeted 76% from its peak of $55.21 in late 2021, following the example of other tech and EV stocks which experienced a downfall due to mounting inflation and tough rate hikes from the Fed.
Back in 2018, Saudi Arabia's PIF put $1.3 billion into Lucid and now holds around 65% of the stocks.
Lucid Brand Begins Establishing in European EV Market.
The Lucid Air has arrived in Europe and the first of these vehicles are being delivered to customers in Germany and the Netherlands.
The Lucid Air Dream Edition boasts a WLTP driving range of 883 km, making it the longest-range electric vehicle available to European customers. This model is now available in two versions, allowing customers to pick a model that best showcases the exceptional luxury electric sedan. The vehicle boasts a range and charging capability unmatched by any other car on the market.
Top 5 Best Electric Cars Coming in 2023!
Lucid Air Sapphire
During Monterey Car Week in California, Lucid unveiled the Air Sapphire, an even higher-performance version of its Air luxury sedan. With its three motors, the Sapphire will make more than 1200 horsepower, compared with 1111 horsepower on the Air Performance. It will cost about $250,000. Orders will begin taking place in August, with production beginning in mid-2023.
Polestar And Volvo The First To Access Google New HD Maps.
The Volvo EX90 and Polestar 3, both of which are underpinned by Volvo's Scalable Product Architecture (SPA2) and utilise Google's Android Automotive operating system.
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