The list includes Canoo, Faraday Future, Fisker, Lordstown Motors, Nikola, and REE. In a statement, Rawlinson said the new funding will help Lucid expand its Arizona plant as well as establish new businesses for licensing technology and offering energy storage solutions for residential, commercial and utility markets.Ī string of EV startups have all gone public in the past year via reverse mergers, thus avoiding the complexity (namely regulatory requirements) of launching an initial public offering. Heading Lucid is Peter Rawlinson who was an early engineer for the Tesla Model S. Investors in up-and-coming EV plays have likely already considered Churchill Capital ( CCIV ), the company that’s set to take Lucid Motors public this year. It has about 2,000 staff presently in the U.S. Lucid has also teased the Gravity SUV and may eventually construct a plant in Saudi Arabia. Other versions will follow, including a base model starting at $77,400. Unveiled in production-ready form last September, the Air will launch in Dream Edition spec with 1,080 hp, a 517-mile range, and a $169,000 price tag. Lucid has its headquarters in Newark, California, and a plant in Casa Grande, Arizona, which is due to start churning out the Air sedan later this year. On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the Publishing Guidelines.Lucid Motors AMP-1 factory, Casa Grande, Arizona Accordingly, given the Gravity’s prospective features, I can see why this stock is making a nice move higher today. However, the market for higher-end electric SUVs appears to be one with less competition. Investors in LCID stock are already keenly aware that a recession, or severe economic slowdown, could hurt the company’s prospects. I have no doubt that high-end buyers will easily shift their focus to Lucid’s Gravity model, all else being equal.
But I have to say, the specs, photos and videos that have been released thus far do paint an intriguing picture. However, Lucid has shown its ability to produce and deliver cars and is now a stock that’s being judged on its delivery numbers and forecasts.Īccordingly, we’ll have to see how orders and production numbers line up for the Gravity SUV. Of course, all investors had to go on at that time were renderings. Today’s move in LCID stock is really reminiscent of some of the moves this stock used to make during the previous EV stock bubble. Let’s dive into why this announcement is making such big waves today. So, it’s a bigger, high-performance option for car buyers seeking the maximum possible range right now. Additionally, this sports utility vehicle can reportedly seat seven, with three rows. Like the company’s Air sedans, Lucid has noted that this Gravity SUV will have the longest range of any battery-powered SUV out there. However, Lucid’s release of images and video of that vehicle has once again spurred investor interest in this high-end EV company. The company’s Gravity SUV has been known to the public for some time as a concept SUV that was expected to come out next year. Lucid announced yesterday that it’s begun testing its new electric SUV. This move is due to a clear company-specific catalyst. At the time of writing, LCID stock is up nearly 8%, significantly outpacing the broader Nasdaq index, which is up only 1% today. Accordingly, perhaps investors shouldn’t be surprised that one of the biggest movers in today’s session happens to be Lucid Motors (NASDAQ: LCID). Tech stocks today are seeing a very nice surge as investors appear keen to rotate into riskier corners of the market. InvestorPlace - Stock Market News, Stock Advice & Trading Tips
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