Shares of EV maker, Lucid Group (NASDAQ: LCID) were on an upswing in pre-market trading at the time of publishing on Thursday after a Reuters report that the company will enter the world’s largest automobile market – China.
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Lucid will import the cars into China and then sell them but is also willing to consider production in the country.
Last week, the EV major announced a stock offering of $3 billion where 66% of the investment will come from the Saudi Arabia Public Investment Fund (PIF).
Analysts are cautiously optimistic about LCID stock with a Moderate Buy consensus rating based on five Buys, two Holds and one Sell.