EV Maker Lucid Group Soars on Rumored Saudi Buyout Interest (2)

Lucid Group Inc. surged in volatile trading after a deal-focused website reported an unverified rumor that Saudi Arabia’s Public Investment Fund was preparing a buyout of the electric-vehicle maker.

The shares rose as much as 98%, their biggest intraday gain ever, and were up 47% to $13:21 at 3:44 p.m. in New York, giving Lucid a market value of about $23 billion. The stock was halted numerous times for volatility as more than 90 million shares changed hands. Other EV stocks, including Nikola Corp. and Rivian Automotive Inc., climbed as well.

The activity was triggered by a post on ...