Why Lucid Group Stock Popped Today
EV manufacturer Lucid Group (NASDAQ: LCID) announced some big news today, and the stock is responding nicely. After spiking 6% higher, Lucid shares were 3.3% above Tuesday's closing price at 10:35 a.m. ET.
The move comes after Lucid announced a deal to sell at least 50,000 of its EVs to the government of Saudi Arabia over the next 10 years. Beyond that initial commitment, there is an option for an additional 50,000 vehicles to be provided within the same time frame. The deal shouldn't come as too much of a surprise to investors, as Lucid has had a strong relationship with Saudi Arabian authorities for several years.
Source Fool.com
