Lucid (LCID 1.34%) stock is soaring in Friday's trading. The electric vehicle (EV) company's share price was up 24% as of 3 p.m. EDT, according to data from S&P Global Market Intelligence.
Lucid stock is surging today following positive comments from CEO Peter Rawlinson about his company's partnership with Saudi Arabia's Public Investment Fund (PIF) -- the EV specialist's majority shareholder. Shares surged earlier this week on the heels of better-than-expected vehicle delivery numbers, and indications that strong support from the PIF will continue is a good sign for the company's operational outlook.
In conjunction with an uptick in bullish momentum around EV stocks, these developments have helped power explosive gains for Lucid stock. The company's share price is now up roughly 59% over the last month.
Lucid stock gains on partnership and production outlook
In an interview with Bloomberg, Rawlinson described the Saudi PIF as the "perfect partner" for Lucid. The CEO also confirmed that manufacturing of the company's Gravity SUV is set to begin later this year and stated that the technology licensing and development partnership with Aston Martin remained strong.
The Saudi PIF currently owns more than 60% of Lucid and has been a key source of funding for the business. The EV specialist aims to establish itself as a major player in the EV market and leverage economies of scale to shift into profitability, but it's still posting sizable losses.
What comes next for Lucid?
Earlier this week, Lucid announced that it had produced 2,110 vehicles and delivered 2,394 vehicles in the second quarter. The company also announced that it will be publishing its Q2 results and hosting a conference call after the market has closed on Aug. 5.
In this year's first quarter, Lucid produced 1,728 vehicles and delivered 1,967 vehicles. The business posted revenue of $172.7 million and recoded a net loss of roughly $680.86 million. Meanwhile, it closed out the period with cash and equivalents totaling roughly $2.17 billion.
Even under highly optimistic scenarios, Lucid could still be several years away from posting profits. Because the business looks poised to continue recording sizable losses for the foreseeable future, the reaffirmation of strong support from the Saudi PIF is an encouraging sign for the company's long-term outlook.
