Lucid Motors; Reuters; Rachel Mendelson/Insider
- Shares in electric-vehicle manufacturer Lucid Motors have jumped 69% in 2023.
- It's even outperforming rival Tesla, which is up a still-stellar 60% year-to-date.
- Speculation of a takeover by Saudi Arabia's sovereign wealth fund has fueled Lucid's recent rally.
Electric-vehicle maker Lucid Group has started 2023 with a breakneck rally that's made it the best-performing stock on the entire Nasdaq Composite.
Its shares have climbed 69% year-to-date, trading at $11.57 as of Tuesday's closing bell. That makes Lucid the top performer on the tech-heavy index, which itself has jumped 15.7% since January 1.