Lucid Group has announced its expansion plans and the delivery of electric luxury sedans in October. The cars boast Tesla-beating driving performance.
The EV (electric vehicles) industry is on the rise. Tesla has long been in the headlines, attracting all types of investors. Now, another startup, Lucid Group, is quickly gaining ground, threatening Tesla’s leadership position. Let’s find out how it may beat Tesla’s staggering growth and whether you should add this stock to your portfolio right now.
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What Is Lucid Group?
Lucid Group is a U.S. startup that manufactures luxury cars. Its first luxury vehicle, known as Lucid Air, is the longest-range EV on the market, reaching 520 miles. In October, the company will start commercialising its Pure, Touring, and Grand Touring models.
Should I Buy Lucid Group Today?
Lucid Group stock price soared yesterday after finally telling its investors what they have been waiting for: it’s finally begun commercial production, with deliveries scheduled for October.
Although its offering is not already on the market, Dream Edition is the most expensive model, and all of its reservations are sold out. With a planned capacity of 520 vehicles, Dream Edition has a starting price of $169,000. Overall, Lucid Groups currently has 11,000 paid reservations and a total of 13,000 across all models.
Further, the company announced its expansion plans, namely to boost the Air production by adding 2.85 million square feet to its manufacturing plant. This is also the first step towards producing its first SUV, planned for 2023.
The company is living up to its promises, so investors showed unbounded enthusiasm.
Lucid Group Price Prediction 2021
Lucid is currently trading at $26.28. It is expected to reach a high target price of $30 in the next 12 months.
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