Why Are Lucid Shares Surging Friday?

Shares of Lucid Group LCID are moving higher on Friday potentially following recent comments from CEO Peter Rawlinson about the company's growth strategy and funding needs.

What To Know: Rawlinson emphasized the need for continued fundraising to support Lucid’s ambitions of becoming a major player in the EV market. He highlighted the partnership with Saudi Arabia’s Public Investment Fund (PIF) as ideal for their long-term strategy.

PIF has invested approximately $6.4 billion in Lucid since 2018, providing a stable funding source critical for the company’s capital-intensive business.

What Else: Lucid’s EV technology licensing deal with Aston Martin has generated interest from other companies, indicating potential future deals. The company plans to start production of its new 7-seat Gravity SUV later this year, aiming to compete with Tesla’s Model X. Despite ongoing losses, Lucid reported over 2,000 vehicle deliveries last quarter, showing progress.

LCID Price Action: Lucid Group shares were up by 21.2% at $4.14 at the time of writing, according to Benzinga Pro.

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