Why Lucid Stock Surged 11.6% in May -- and Could Go Higher

May was a hard month for the broader stock markets, but not for investors who own shares in Lucid Group (NASDAQ: LCID). It was, in fact, the best month so far this year for the electric vehicle (EV) stock, as it ended a month on a positive note for the first time since October 2021. Lucid stock trounced the market and surged 11.6% in May, according to data provided by S&P Global Market Intelligence.

The EV stock seems to have finally found a bottom, and there's a chance it'll likely sustain momentum.

Lucid entered May with a big order from Saudi Arabia, which is also a major investor in Lucid through its sovereign wealth fund. The Saudi Arabian government signed an agreement with Lucid committing to purchase 50,000 EVs, with an option to purchase up to 50,000 more vehicles over the next 10 years.

Source Fool.com