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Shares of Lucid Group (NASDAQ: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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Posted In: LCID
