Why Lucid Group Stock Crushed the Market Today
High-end electric vehicle (EV) maker Lucid Group (NASDAQ: LCID) enjoyed a nice share price bump on Monday. The company's stock closed nearly 5% higher on the day, thanks in no small part to a new deal it signed in an important foreign market. By contrast, the S&P 500 index declined marginally in Monday's session.
That day, Lucid's business partner, Riyadh Air, announced that the two companies had signed a memorandum of understanding to collaborate. The partnership will see the pair team up in marketing activities, commercial ventures, and operations.
The arrangement was announced by the Saudi Arabia-based airline at the Dubai Airshow. The carrier wrote in a press release that this inaugural partnership deal between the two companies is "aligned to a shared vision for the future of sustainable transportation."
Source Fool.com
