Why Did Lucid Stock Rally Nearly 20% This Week?

Lucid Group (NASDAQ: LCID) stock soared this week ahead of its earnings report on Aug. 4. That wasn't the reason for the rally, though. A billionaire investor bought a stake in the company, helping shares jump 17% from last Friday's close, according to data provided by S&P Global Market Intelligence.Lucid's largest shareholder is Saudi Arabia's sovereign wealth Public Investment Fund (PIF). The PIF has participated in multiple investment rounds, and the electric vehicle (EV) maker has a manufacturing facility in the Kingdom. That plant currently handles vehicle assembly using parts imported from the U.S., but Lucid also plans to produce vehicles there in full. This week, a well-known Saudi investor also took a stake in the EV maker. Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool