Lucid Group rallies with PIPE lockup expiration set for tonight
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Lucid Group (LCID
+4.0%) is one of the top gainers in the electric vehicle sector with the lockup date for a large percentage of PIPE investors hitting tonight.
Most notably, the Saudi sovereign wealth fund is anticipated to stay long Lucid with a joint venture expected to be set up to help the electric vehicle maker build a local plant in 2025 or 2026. Jeddah and Neom are two cities in Saudi Arabia being discussed as potential sites for the Lucid plant.

Lucid Group landed on Seeking Alpha's Catalyst Watch this week with the PIPE lockup expiration seen removing a potential overhang on shares.