TLDR
- Lucid (LCID) stock rose 10% on Monday to $6.69
- Lucid drew $800M from a delayed-draw term loan facility backed by Saudi Arabia’s Public Investment Fund affiliate, Ayar Third Investment Company
- UK battery electric vehicles hit nearly 30% of new car registrations in June
- Baird analyst Ben Kallo kept a Hold rating and $6 price target, noting Q2 deliveries came in below estimates
- CFO Taoufiq Boussaid will depart after Q2 earnings, to be replaced by Alexander De Bock
Lucid Group (LCID) stock climbed 10% to $6.69 on Monday, driven by a fresh capital draw and a positive read on EV demand across the sector.
Lucid disclosed it drew $800 million from its delayed-draw term loan facility on July 6, 2026, according to an SEC filing. The money comes from an existing agreement with Ayar Third Investment Company, an affiliate of Saudi Arabia’s Public Investment Fund.
This isn’t the first time Lucid has leaned on this relationship. Ayar and PIF have provided multiple equity injections and credit facilities over the past several years, helping Lucid fund production growth and cover high cash burn during its early scaling phase.
The broader relationship goes beyond just capital. Saudi Arabia has tied Lucid into national goals around EV adoption and domestic EV manufacturing, making this a strategic partnership as much as a financial one.
UK EV Data Adds to the Positive Tone
Helping the mood across EV names on Monday was fresh data out of the UK. Battery electric vehicles captured nearly 30% of new car registrations in June — the strongest monthly showing outside typical seasonal peaks.
For the full year, BEVs now account for roughly 25% of all new UK registrations. Higher fuel costs, government incentives, and a wider range of lower-priced models are all being cited as drivers.
That kind of data gives investors a reason to stay engaged with EV names broadly, and Lucid caught some of that tailwind.
On the technical side, LCID moved back above its 20-day simple moving average at $5.52 and its 50-day at $5.87. That’s a constructive short-term shift.
Still, the stock sits well below its 100-day SMA at $7.71 and its 200-day SMA at $11.50. MACD is above its signal line and the histogram is positive, suggesting the recent downside pressure has eased — but the bigger picture trend hasn’t reversed yet.
Key resistance sits at $7.00, a round-number level just under the 100-day SMA zone. Support is near $5.50, where buyers have recently stepped in.
Analyst Takes a Wait-and-See Stance
Baird analyst Ben Kallo reiterated a Hold rating and $6 price target on LCID ahead of upcoming earnings. Kallo noted that Q2 deliveries came in below both his estimate and the Street’s consensus, even though the company still showed growth quarter over quarter and year over year.
He also flagged a leadership change. CFO Taoufiq Boussaid will exit after the Q2 earnings report, with Alexander De Bock stepping in as replacement. Kallo sees the move as part of new CEO Silvio Napoli’s broader effort to streamline the business.
Wall Street’s overall take sits at a Hold consensus — one Buy, eight Holds, and two Sells over the past three months. The average price target of $9.75 implies around 46% upside from current levels.
Lucid is set to report full Q2 results after the market close on Tuesday, August 4.
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