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Why Lucid Stock Soared Today

TheMotleyFool

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Lucid Group (NASDAQ: LCID) reports its fourth-quarter and full-year 2021 financial update after the market closes today. Shares are popping ahead of that report, but there's another reason for that. As of 12:34 p.m. ET on Monday, Lucid shares had jumped 6.8% on the day.

The pop in the stock comes after Bloomberg reported that Lucid has signed an agreement to build a new factory in Saudi Arabia, its first outside the U.S. The report says Lucid signed a 25-year, $30 million lease agreement to build a manufacturing plant on the Saudi Arabian west coast. Expansion plans are one of the things investors are looking forward to hearing from Lucid's update today, so the report is welcome news.

Source Fool.com

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