Here's Why Lucid Stock Jumped 22%—Saudi Support

Lucid Group, Inc. (NASDAQ:LCID) shares surged nearly 18% on Wednesday and continued to climb on Thursday following news of reinforced backing from the Middle East.

Despite being largely overlooked by the media, a recent Cantor Fitzgerald report lifted Lucid shares after the EV maker hit a record low of $9.50 on Tuesday.

LCID stock is climbing. See the chart and price action here. 

Saudi PIF Committed To Lucid

Cantor analysts met with representatives from the Saudi Public Investment Fund (PIF) to discuss the current partnership with Lucid. 

The discussions confirmed that the Saudi sovereign fund maintains a firm stance on its financial involvement, according to an EV report.  

Cantor analyst Andres Sheppard emphasized that the ...