Lucid stock is rising on news of building a plant in Saudi Arabia: here is where to buy it

After dropping considerably from mid-November 2021 to the end of February 2022, Lucid stock is now bouncing back strong especially on the news of a 25-year, 30 million lease agreement to construct a manufacturing plant in Saudi Arabia. Late last year, the company had indicated that it would expand into the Middle East and investors were looking forward to the actualization of the expansion.

Also, according to its 2021 Q4 report, Lucid delivered five times as many EVs as General Motors meaning that the company is upping its game in terms of production.

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To help stock traders eying the Lucid stock, Invezz has created a brief article on what it is and the best places to buy it.

To find out more, please continue reading.

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What is Lucid stock?

Lucid stock is the stock of Lucid Group, Inc. and it trades on NASDAQ under the symbol NASDAQ: LCID.

Lucid Group, Inc. is one of the sprouting electric vehicle (EVs) automakers in the US. It is headquartered in Newark, California.

Besides electric vehicles, Lucid also has investments in energy storage and original equipment manufacturing.

Should I buy the LCID stock today?

If you want to invest in an Electric Vehicle (EV) start-up stock, then Lucid stock (NASDAQ: LCID) could be a good choice at the moment.

However, Lucid Motor Company is facing lots of competition from the likes of Tesla, which commands a majority share within the industry. Lucid, therefore, has to do more to keep attracting more customers and turn around the revenue. Otherwise, the company shall make another loss in the first quarter of 2022 as it did in the Q3 of 2021.

Lucid stock price prediction

The lucid stock price seems to be on a strong bullish momentum after a downtrend that has lasted from mid-November 2021 to the end of February 2022.

Analysts are optimistic that the stock shall cruise back above 40 before the end of the first quarter of 2022, especially if it reports that it made considerable profits in the Q4 of 2021.