EV maker Lucid surges on reports Saudi PIF to buy remaining stake

EV maker Lucid surges on reports Saudi PIF to buy remaining stake

(Reuters) – Lucid Group‘s shares doubled on Friday on market speculation that Saudi Arabia’s Public Investment Fund is working on plans to buy out the rest of the electric vehicle maker.

The speculation came as a result of an “uncooked” alert from deals website Betaville. The website uses the term “uncooked” to refer to market gossip.

The PIF, the sovereign wealth fund that owns more than 65% of Lucid, did not immediately respond to a request for comment. Lucid declined to comment.

(Reporting by Chavi Mehta in Bengaluru; Editing by Maju Samuel)

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