Lucid Group, Inc. (NASDAQ:LCID) shares surged nearly 18% on Wednesday and continued to climb on Thursday following news of reinforced backing from the Middle East.
Despite being largely overlooked by the media, a recent Cantor Fitzgerald report lifted Lucid shares after the EV maker hit a record low of $9.50 on Tuesday.
Saudi PIF Committed To Lucid
Cantor analysts met with representatives from the Saudi Public Investment Fund (PIF) to discuss the current partnership with Lucid.
The discussions confirmed that the Saudi sovereign fund maintains a firm stance on its financial involvement, according to an EV report.
Cantor analyst Andres Sheppard emphasized that the PIF intends to maintain its backing, which suggests a level of stability that many startups in the sector lack.
"Historically, investors have wondered about the PIF's commitment and willingness to continue backing the company financially, which may have affected Lucid's valuation, in our opinion," Sheppard wrote, per EV.
"Following our conversations, we come away more encouraged, and we believe that the PIF remains committed to Lucid over the long term, which we see as material," he added.
Cantor's findings indicate that the partnership is not merely transactional but foundational. The PIF has invested more than $9 billion in Lucid over the years and owns more than 50% of the company.
Looking Ahead
Sheppard holds an optimistic view for the EV maker in the near term, with its robotaxi rollout to begin this year.
"LCID is planning to deploy >20,000 Lucid Gravity electric SUVs as Robotaxis over the next six years, and we expect initial rollout to start in 4Q26/1Q27," Sheppard wrote.
"Furthermore, we expect LCID to pursue and potentially announce additional autonomy partnerships throughout 2026," the analyst added.
Lucid's interim CEO Marc Winterhoff mentioned "additional things" related to robotaxi discussions could be announced at company's next Investor Day.
Cantor revealed that the event is now scheduled for March 12, 2026.
Investors will be watching to see if Lucid can add another robotaxi partnership like its deal with Uber Technologies, Inc. (NYSE:UBER) and with the autonomous vehicle startup Nuro.
LCID Price Action: Lucid shares have gained more than 22% over the past two days to trade at $11.95 at the time of publication Thursday, according to Benzinga Pro.
Photo: VanderWolf Images from Shutterstock
