Lucid Stock Is Moving Higher: What's Driving The Action?

Lucid Group Inc LCID shares are trading higher Thursday. The stock appears to be catching a boost from reports the EV maker is preparing to enter China, the world's largest auto market.

What To Know: Lucid's head of China operations Zhu Jiang said the company is getting ready to begin selling vehicles in China, per Reuters. 

According to a person familiar with the matter, the company plans to sell imported cars in the country and is also considering setting up production locally.

Lucid raised $3 billion through the combination of a public offering and a private placement with an affiliate of Saudi Arabia's Public Investment Fund last week. 

Lucid's head of China operations reportedly said the capital will be used to help bring Lucid technology and products "to the industry and users globally at a faster pace."

"China is also looking forward to it," he added.

At the beginning of last month, Lucid said it was on track to produce more than 10,000 vehicles this year. The company's Gravity SUV is set to be unveiled in the second half of 2023 ahead of its anticipated launch in 2024.

See Also: Lucid Eyes Highly Competitive China Market Despite Production Woes On Home Turf

LCID Price Action: Lucid shares closed Wednesday down more than 7%, but was bouncing back Thursday morning. The stock is down more than 65% over the last year.

Lucid shares were up 3.28% at $6.61 at the time of writing, according to Benzinga Pro.

Photo: courtesy of Lucid.