What's Going On With Lucid Group Stock?

Lucid Group, Inc. LCID shares are trading higher Thursday, and the stock is up more than 17% over the past month. Here's a look at what's going on:

What To Know:

The Federal Reserve held interest rates steady and signaled three rate cuts in 2024 on Wednesday, followed by positive retail sales data and jobs numbers on Thursday sending markets even higher.

According to a Reuters report, Lucid has assembled nearly 800 cars in its Saudi Arabian factory since its opening in September. The newly completed Saudi Arabian factory has an initial annual production capacity of 5000 electric vehicles, and Lucid has an agreement with the Saudi government for the purchase of up to 100,000 vehicles over 10 years.

Lucid's shares are climbing on heavy trading volume Thursday with more than 59.7 million shares already traded in the session. According to data from Benzinga Pro, Thursday's trading volume has surpassed the stock's 100-day average volume of 28.591 million shares.

Lucid's rival EV-maker Rivian Automotive, Inc. RIVN announced a deal with AT&T for the purchase of Rivian's EVs as part of a pilot program focused on cutting transport emissions.

On Monday, Lucid announced the resignation of its CFO, Sherry House, effective immediately.

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LCID Price Action: According to Benzinga Pro, Lucid Group shares are up 9.5% at $4.92 at the time of publication.

Image: Courtesy of Lucid Group, Inc.