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Lucid Motors Inc (NASDAQ:LCID) is revving up the market with a technical milestone and high-octane news.
The company's stock has recently executed a Golden Cross — a bullish technical signal that occurs when a stock's short-term moving average crosses above its long-term moving average.
This pattern is often seen as a sign of strong upward momentum and for Lucid, it's coming at an opportune moment.
Lucid's stock, which has been on a rough road with a 37.76% decline over the past year, is now showing signs of a turnaround.
Chart created using Benzinga Pro
The current share price stands at $3.98, comfortably above its eight-day SMA of $3.89, 20-day SMA of $3.42, 50-day SMA of $3.28 and 200-day SMA of $3.26.
This technical alignment confirms a solid bullish signal across multiple timeframes, suggesting that Lucid's stock might be ready to accelerate.
On the performance front, the Lucid Air Sapphire has recently claimed the title of the world's fastest armored car, courtesy of U.S. Armor Group's enhancements.
With a staggering 1,234 horsepower and a top speed of 205 mph, it's not just fast but fortified.
Priced from $425,000, it's a serious competitor to Tesla Inc's (NASDAQ:TSLA) Model S Plaid, which boasts 1,020 horsepower and a maximum speed of 200 mph and a 0-60 mph time of just under two seconds.
Meanwhile, Lucid is also expanding its footprint in Saudi Arabia.
COO Marc Winterhoff has highlighted the company’s plans to bolster customer service centers and mobile maintenance options in the Kingdom.
This move aligns with Saudi Arabia's aggressive push toward 30% EVs by 2030 and an expansion of high-speed charging infrastructure.
Lucid is also set to receive up to $1.5 billion from Saudi Arabia's Public Investment Fund. The proceeds will help support the launch of its first SUV.
Despite a challenging year, this financial boost and the recent technical breakout might signal a strong future for Lucid Motors.
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