Lucid Group (NASDAQ: LCID) stock surged during intraday trading Friday, possibly in response to CEO Peter Rawlinson’s comments on the company’s growth strategy and funding needs.
Peter Rawlinson, CEO of Lucid Motors, recently shared insights into the company’s growth strategy, funding needs, and upcoming developments in an interview with Bloomberg TV.
Rawlinson emphasized the importance of continued fundraising to support Lucid’s ambitious growth plans in the EV sector. He highlighted the partnership with Saudi Arabia’s Public Investment Fund (PIF), which has invested approximately $6.4 billion in Lucid since 2018. This substantial investment has provided Lucid with a stable funding source crucial for its capital-intensive operations. Rawlinson described this partnership as ideal for ensuring the company’s sustained growth and development in the long term.
Rawlinson also confirmed that the Gravity SUV is on schedule to commence production later this year. The 7-seater SUV boasts impressive specifications, including a projected range of 440 miles on a single charge and an acceleration from 0 to 60 mph in less than 3.5 seconds.
Moreover, Rawlinson emphasized Lucid’s technological edge over its competitors. While the company has not announced any new technology partnerships in over a year, Rawlinson highlighted a previous agreement with Aston Martin. Last June, Lucid entered into a deal valued over $450 million to supply Aston Martin with its electric vehicle powertrain and battery systems. This agreement marks a significant expansion of Lucid’s technology reach into mainstream automotive applications.
In the interview, Rawlinson expressed satisfaction with the progress of the Aston Martin partnership and indicated Lucid’s openness to collaborating with other companies in the future to further advance its technological leadership in the EV space.
Short Interest Analysis
Meanwhile, Lucid’s stock (LCID) has been subject to a high level of short interest. Meanwhile, Lucid’s stock (LCID) has been subject to a high level of short interest. As of June 28, the latest available data indicates that the company had 251.51 million shares sold short, representing 29.24% of the float. Market experts consider any short interest above 20% as very high, indicating significant skepticism or bearish sentiment.
Lucid (NASDAQ: LCID) Stock Price Action
LCID stock soared 25% on Friday, closing at $4.25, marking a 45.05% increase for the week. The trading volume was 167,789,744 shares, significantly higher than the average daily volume of 26.34 million.
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