- Lucid (NASDAQ:LCID) has a new investor in George Soros
- The company plans to expand its Arizona factory
- Saudia Arabia is offering assistance to open a factory in the country
Lucid (NASDAQ:LCID) stock has been a hot topic throughout the week with several bits of news that investors will want to know about.
Let’s jump into all of the most recent LCID stock news below!
LCID Stock News: George Soros Stake
Billionaire George Soros took a stake in Lucid stock during the first quarter of the year through his Soros Fund Management. This saw him acquire 600,000 shares and marks his first investment in the company.
LCID Stock News: Factory Expansion
Lucid purchased 120 acres of land nearby its existing factory in Casa Grande, Arizona. This comes after the electric vehicle (EV) company said earlier this year that it intends to expand the size of its current factory in the city.
LCID Stock News: Saudi Arabia Factory
Lucid is accelerating its plans to build a factory in Saudi Arabia. This will be its first factory outside the U.S. It will be able to produce 155,000 EVs per year. This comes as the country promises $3.4 billion in financing aid and incentives to bring the factory to the country.
Lucid is an EV company based out of Newark, California. It was founded in 2007 and is working on several EV projects. Chief among these is its Lucid Air electric car. It also has plans for an electric SUV under the working title Project Gravity.
LCID stock is down 3.2% as of Friday morning and is down 54.3% since the start of the year.
There’s more recent stock market news that investors need to know about today below!
InvestorPlace has all the latest stock market news for Friday! That includes this morning’s biggest pre-market stock movers, Starbucks (NASDAQ:SBUX) insider buying, as well as Apple (NASDAQ:AAPL) metaverse rumors. You can catch up on all of that at the following links!
More Friday Stock Market News
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Friday
- Interim CEO Howard Schultz Bought $14 Million of Starbucks (SBUX) Stock. Here’s Why.
- Apple Is Ramping Up Metaverse Potential With Mixed-Reality Headset Progress
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.