Is Lucid Motors a Good Stock to Buy?

Lucid Motors is an American electric vehicle maker that has already begun deliveries of its flagship EV, the Lucid Air.

The Lucid Air starts at a base price of $87,000 with 480 HP and a 406-mile range.

The Lucid Air aims to disrupt the luxury EV market and offer consumers a high-end electric vehicle that turns heads. Lucid Motors also already launching studios all over America to give consumers a first-hand look at the Lucid Air.

Motortrend named the Lucid Air as the 2022 Motortrend car of the year, which is remarkable considering this is Lucid’s very first EV model.

Lucid confirmed over 37,000 reservations for the Lucid Air and has delivered 1,164 EVs so far in 2022.

Lucid also launched “Project Gravity” and plans to start producing a complementary EV SUV in 2023 to grab even more market share.

While Tesla is not just a car company, I want to emphasize that Lucid Motors is not just a luxury EV company. Lucid plans to provide energy storage services for both residential and commercial use along with battery park mass production that can serve the aircraft, eVTOL, military, heavy machinery, and other industries.

In my opinion, Lucid Motors is the only EV company that provides serious competition for Tesla in the US EV market.

Lucid Motors has an expressive executive team full of former Tesla and Apple employees led by current CEO Peter Rawlinson who helped design the original Tesla Model S years ago.

Lucid produces its EVs at its manufacturing plant in Casa Granda, Arizona. The company set a production goal of 500,000 EVs annually by 2030 but investors should expect just 6,000 to 7,000 EVs produced in 2022.

What’s exciting about Lucid is its lofty revenue targets that could send LCID stock to the moon. Annual revenue could reach as high as $22 billion by 2026 and the company estimates it will be profitable by 2025.