Streetbeat News

LCID

Lucid Group, Inc.

https://www.lucidmotors.com

Industry

Auto - Manufacturers

Lucid Group, Inc. a technology and automotive company, develops electric vehicle (EV) technologies. The company designs, engineers, and builds electric vehicles, EV powertrains, and battery systems. As of December 31, 2021, it operates twenty retail studios in the United States. Lucid Group, Inc. was founded in 2007 and is headquartered in Newark, California.

Open

2.06

Mkt cap

6.1B

Volume

99M

High

2.06

P/E Ratio

-1.51

52-wk high

5.31

Low

1.93

Div yield

N/A

52-wk low

1.93

Lucid Group Inc (NASDAQ:LCID) has opened its first international car manufacturing facility in Saudi Arabia. The plant, which is expected to produce electric vehicles for Saudi Arabia and other markets, has an annual capacity of 5,000 cars. The facility received support from the Ministry of Investment of Saudi Arabia, the Saudi Industrial Development Fund, and the Economic City at King Abdullah Economic City. Lucid expects to employ hundreds of Saudi nationals in the first few years and boost the workforce to thousands.

Portfolio Pulse from Lekha Gupta

September 27, 2023 | 5:19 pm

Lucid Group has officially opened its new EV manufacturing facility in Saudi Arabia, marking its second Advanced Manufacturing Plant (AMP-2) and first international plant. The AMP-2 plant, which has begun assembly of the Lucid Air model vehicles, is expected to have an annual production capacity of 5,000 cars. The plant received significant support from the Ministry of Investment of Saudi Arabia, the Saudi Industrial Development Fund, and the Economic City at King Abdullah Economic City. Lucid Group shares are trading higher with a short interest of 17.41%.

Portfolio Pulse from Erica Kollmann

September 27, 2023 | 3:26 pm

Lucid Group has opened its first international manufacturing facility in Saudi Arabia, with the capacity to assemble 5,000 vehicles per year initially. The facility is expected to eventually produce 155,000 electric vehicles per year. This move is creating new employment opportunities and supporting the growth of the Kingdom's automotive supply chain.

Portfolio Pulse from Benzinga Newsdesk

September 27, 2023 | 1:06 pm

Lucid Group (LCID) has seen a significant option alert for January 19 $13 calls. A total of 3656 contracts were traded near the ask price, compared to an open interest of 7927 contracts. The company is expected to announce its earnings on November 7 after market close.

Portfolio Pulse from Charles Gross

September 26, 2023 | 3:01 pm

Lucid Group Inc's shares hit a new 52-week low of $4.97 amid concerns about future rate hikes following the FOMC statement and lower-than-expected initial jobless claims data. The EV industry, including Lucid, requires significant capital investment, and potential interest rate hikes could increase borrowing costs, reducing profitability and potentially impacting the stock price negatively. The Federal Reserve maintained the federal funds rate within the 5.25% to 5.5% range at its September meeting.

Portfolio Pulse from Henry Khederian

September 25, 2023 | 2:56 pm

Electric vehicle (EV) stocks fell this week due to the Federal Reserve's hint at continuing its rate-tightening cycle. Tesla (TSLA) is rumored to pause Model Y production at its Giga Texas plant, causing concerns about Q3 deliveries. Lucid Group (LCID) received an operating license to begin production in Saudi Arabia. Nikola Corp. (NKLA) appointed Mary Chan as its new COO, causing the stock to spike by 38%. Toyota (TM) plans to triple EV production by 2025. VinFast Auto (VFS) plans to expand into Europe and India.

Portfolio Pulse from Shanthi Rexaline

September 23, 2023 | 4:53 pm

Lucid Group Inc. (NASDAQ:LCID) has received an operating license to start car production in Saudi Arabia's Special Economic Zone of King Abdullah Economic City. The company plans to start deliveries from the initial facility in the third quarter. Lucid has a purchase agreement with the Saudi government to sell up to 100,000 vehicles over the next 10 years, including vehicles built and assembled at the company’s existing Arizona factory.

Portfolio Pulse from Anan Ashraf

September 23, 2023 | 8:44 am

Elon Musk, CEO of Tesla Inc, has criticized the compensation of General Motors Co. CEO Mary Barra, suggesting it should be proportionate to success. This follows a similar comment about Lucid Group Inc. CEO Peter Rawlinson's salary. Musk's comments were in response to a social media user who claimed Barra has created no value for GM's shareholders. GM's shares have dropped 3.7% year-to-date. Musk, who took no salary in 2022, holds shares in Tesla and options that grant him the right to purchase more at a fraction of the price if the company hits particular financial targets.

Portfolio Pulse from Anan Ashraf

September 23, 2023 | 6:45 am

U.S. stocks experienced a downturn with the Dow Jones dropping around 370 points. The NASDAQ and S&P 500 also faced declines. The top stocks that gained attention were Lucid Group, Amazon, Teladoc Health, SoFi Technologies, and Tesla. Lucid's shares traded lower due to the ongoing UAW strike against major automakers. Amazon's shares saw a decline due to concerns about future rate hikes and the impact of jobless claims data. Teladoc's stock performance declined, but recent options activity indicates a bullish sentiment. SoFi Technologies' shares traded at a decline due to concerns about future rate hikes. Tesla's shares experienced a decline due to a pause in production at Tesla’s Giga Texas factory.

Portfolio Pulse from Benzinga Neuro

September 22, 2023 | 2:21 am

EV stocks are trading lower due to overall market weakness following a rise in Treasury yields after the FOMC statement. The lower-than-expected weekly initial jobless claims data could potentially encourage more rate hikes.

Portfolio Pulse from Benzinga Newsdesk

September 21, 2023 | 6:48 pm

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