Lucid spikes 98% on speculation Saudi investment fund may buy out remaining stake in the EV maker

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Lucid spikes 98% on speculation Saudi investment fund may buy out remaining stake in the EV maker - Business Insider

Quick Summary:

Saudi Arabia's Public Investment Fund currently owns 65% of Lucid, and has not confirmed if it will buy the remaining shares.

The company is also expected to face increased competition this year after Tesla slashed prices on several of its models, which is putting pressure on other EV firms to lower prices.

Shares jumped as much as 98% to $17.81 intraday but later pared gains to close up 43% at $12.87.