Lucid Group (NASDAQ: LCID) has been moving forward with its plans for future growth, and made another announcement today in that regard. That's helped the stock jump 9% as of 3:45 p.m. ET.
Yesterday, Lucid announced a new vice president and managing director of Lucid Middle East to oversee the company's expansion into Saudi Arabia. The Saudi Arabian sovereign wealth fund was a majority investor in Lucid prior to it listing publicly. It has now opened a new showroom in the kingdom's city of Riyadh to help bolster its presence there after the government agreed to purchase up to 100,000 vehicles over the next 10 years. It also has plans to build its second factory -- and its first outside the U.S. -- in Saudi Arabia.
Source Fool.com