Lucid, the electric car manufacturing company, saw a 25% increase in its stock following the recent statements by CEO Peter Rawlinson, which spurred the stock to achieve further significant gains.
The CEO stated that the partnership with the Saudi Public Investment Fund remains strong. The support received from the Public Investment Fund helps the company to continue its operations as it aims to expand its business scope.
Lucid's stock concluded last Friday's trading session with a 25% increase, closing at $4.25.
The Public Investment Fund raised its stake in English club Newcastle to 85%. Economy The Public Investment Fund raises its stake in English club Newcastle to 85% Earlier this week, the stock rose following the announcement of vehicle delivery numbers, which exceeded expectations. This indicates that strong support from the Public Investment Fund is expected to continue, which is a positive sign for the company's operational expectations.
Lucid's stock price has risen approximately 59% over the past month.
In an interview with Bloomberg, Rawlinson described the Saudi Public Investment Fund as the "ideal partner" for Lucid. The CEO also confirmed that the production of the company's Gravity SUV is scheduled to commence later this year.
Rawlinson mentioned that the development partnership with Aston Martin remains strong. Aston Martin Lagonda is collaborating with Lucid in the field of electric vehicle technology, combining the technology of the prestigious British automaker with the relatively new entrant in the automobile industry, both supported by the Saudi Public Investment Fund (PIF).
The Saudi Public Investment Fund currently owns over 60% of Lucid and has been a primary source of funding for its operations. The specialized electric car company aims to establish itself as a major player in the electric vehicle market and leverage economies of scale to transition into profitability, although it is still recording losses.
On March 25th, Lucid signed a deal to receive $1 billion from a subsidiary of the Saudi Public Investment Fund, as it acquired Ayar Third Investment Company, one of the sovereign wealth fund's subsidiaries, with $1 billion worth of convertible preferred stock.
Earlier this week, Lucid announced that it produced 2,110 vehicles and delivered 2,394 vehicles in the second quarter. The company also stated that it would release its second-quarter results and host a conference call after the market closes on August 5th.
In the first quarter of this year, Lucid produced 1,728 vehicles and delivered 1,967 vehicles. The company reported revenues of approximately $172.7 million and a net loss of around $680.86 million.
