Lucid Group surprises Wall Street pundits with upbeat Q2 sales numbers

Lucid Group Inc. saw its shares get a hefty bump in early trading Tuesday after the electric vehicle maker released its second quarter financials, bringing in sales revenue that easily exceeded Wall Street expectations, as well as announcing that it has more funding on the way.

What's more, the company said it would receive another huge investment of as much as $1.5 billion from an affiliate of the Saudi Arabia-based Public Investment Fund, which has been one of Lucid's prime backers since day one, in order to help it prepare for the rollout later this year of its much-anticipated Gravity luxury SUV.

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Newark, California-based Lucid (Nasdaq: LCID), which manufactures its EVs at its factory south of Phoenix in Casa Grande, reported that it had $200 million in sales revenue during Q2, easily exceeding Wall Street consensus estimates of $184 million, according to Bloomberg .

Read more of this story from the Business Journal.

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