Rumours linking Saudi Arabia’s Public Investment Fund (PIF) with a full buy-out of electric vehicle company Lucid, sent the US-based firm’s stock flying.
Lucid Group’s stock ended Friday 43% up, amid market speculation over PIF’s interest in the EV specialist.
Saudi Arabia’s PIF already owns 65% of Lucid and has made no secret of its intention to actively develop the market for electric vehicles.
Saudi to buy Lucid outright?
In November of last year, Crown Prince Mohammed bin Salman announced the launch of Ceer – the first kingdom’s Saudi electric vehicle brand.
Ceer is the Kingdom’s first automotive brand to produce electric vehicles in the country, and will create up to 30,000 direct and indirect jobs in the region. Ceer is projected to directly contribute $8bn to Saudi Arabia’s GDP by 2034.
Lucid shares had jumped by more than 85% in mid-day trading after a rumour about PIF taking the remaining share in the company first appeared on the deal-tracking site, Betaville.
It resulted in Lucid being the sixth-most traded stock on US exchanges and the third highest mover on the Nasdaq mid-afternoon.
Lucid’s share price has fallen significantly since a high of around $55 in November, 2021.
After falling consistently through last year share prices started the year on around $6.
Following Friday’s surge shares ended the day 43% up on the previous day’s close at $12.87.
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