Here's Why Lucid Group Stock Jumped in Early Trading Today

Shares of luxury EV sedan maker Lucid Group (NASDAQ: LCID) have already jumped nearly 20% in 2022 as investors bet on its potential growth prospects. The stock jumped again Wednesday morning, when news surfaced that supported those hopes. Lucid shares surged nearly 5% in early trading on that news. But the excitement wore off and Lucid stock was trading down 0.73% as of 1:09 p.m. ET.

The stock's reversal came when investors may have realized that the news wasn't entirely unexpected. Lucid chairman Andrew Liveris said in an interview Wednesday morning that the company has plans to build a new factory in the kingdom of Saudi Arabia no later than 2026, as reported by Bloomberg.

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Source Fool.com