Lucid Group Inc. shares rocketed by as much as 98% Friday on an unconfirmed rumor that the Saudi sovereign wealth fund wants to acquire the California luxury electric vehicle maker.
Saudi Arabia's Public Investment Fund was looking to take the Newark company private, according to a rumor posted on deals website Betaville. Although unconfirmed, the report wasn't exactly unthinkable. The PIF already owns more than 65% of Lucid. The company, which now makes its vehicles in Arizona at a factory south of Phoenix in Casa Grande, has announced plans to build a major manufacturing plant in Saudi Arabia. And last month, when Lucidin a stock sale, 61% of its new capital came from an affiliate of the Saudi fund.
In response to the Betaville post, Lucid's shares jumped as much as $8.81 at one point on Friday and closed the session at $12.87 each, a gain of $3.87 or 43%. That was the stock's biggest one-day gain ever.The rumored takeover comes as Lucid, which is headed by CEO Peter Rawlinson, has struggled. Through the first nine months of last year, it lost $1.8 billion on just $350 million in sales as it repeatedly lowered its production targets.
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