Lucid Group's (NASDAQ: LCID) stock skyrocketed 43% on Jan. 27 amid rumors of a takeover by its Saudi Arabian investors. The rumors, which first surfaced on the market gossip site Betaville, haven't been confirmed.

According to that story, Saudi Arabia's Public Investment Fund (PIF), which already owns nearly two-thirds of the luxury electric-vehicle maker, is interested in buying out the rest of its shares and taking it private. That wouldn't be too surprising in light of Lucid's recent dealings in Saudi Arabia.

Last year, Lucid announced it would build its first overseas production plant in Saudi Arabia. The Saudi government, which is supporting that plant with subsidies, reaffirmed its commitment to purchase up to 100,000 vehicles from Lucid over the following 10 years. The PIF also invested another $915 million into Lucid's new stock offering last December.

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Source Fool.com