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Benzinga

World

Adam Eckert

Lucid Stock Is Racing Higher: What's Going On?

Lucid LCID Lucid Group Nasdaq Saudi Arabia

Lucid Group Inc (NASDAQ:LCID) shares are trading higher Thursday after the company on Wednesday announced plans to set up a new manufacturing facility in Saudi Arabia.

Lucid hosted a ceremonial signing event on Wednesday which set the stage for the construction of its new facility, AMP-2, which will have an initial capacity of 155,000 electric vehicles. The agreements, which were put in place in February, are estimated to provide up to $3.4 billion in financing and incentives for Lucid over the next 15 years, helping the company build and operate the new Saudi facility.

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