Electric vehicles are growing in popularity due to high gas prices and the added benefits of owning a smart car.

While Tesla remains king of the electric car stocks, there is a newer player on the scene that is getting lots of attention: Lucid Motors.

Since going public via a SPAC deal in 2021, LCID stock is up almost 100% and the company plans to deliver 6,000 to 7,000+ vehicles in 2022.

We maintain a $150 per share price target for LCID in 2025 and remain extremely bullish on the company. Here’ a guide to buying LCID stock in just a few simple steps:

How to Buy LCID Stock

1. Find a Broker

To invest in Lucid Motors stock, you need a brokerage account to buy and sell LCID shares. There are dozens of high quality online stock brokers and investment apps to choose from but ultimately you should look for $0 account minimums and $0 commission free stock trades.

Depending on your investment goals, you may choose to buy LCID stock for a retirement account such as an IRA for long term investing. For a shorter time horizon, you can go with a taxable brokerage account.

Need help deciding on a broker? Here’s a list of recommend brokers that I personally use to buy and sell stocks.

Don’t live in the United States? Here are some broker recommendations for investors outside of the U.S.:

How to Buy Lucid Motors Stock in Canada

• TD Ameritrade
• Questrade
• WealthSimple

How to Buy Lucid Motors Stock in Europe

• Revolut
• Freetrade
• Degiro

2. Research the Company

Buying stock in a single company is a lot more risky than investing in ETFs or index funds so be sure to do some research before you smash the buy button.

Lucid Group is a publicly traded company on the NASDAQ and files its quarterly and annual financial reports with the SEC. Prospective investors can view all of the SEC documents on Edgar or visit the official Lucid Motors Investor Relations site.

Lucid Motors is far behind some of its competitors such as Tesla and has only delivered around 600 EVs so far since inception.

The Lucid Air is the company’s flagship vehicle that won Motortrends’ Car of the Year award.

The Lucid Air comes in 3 different models so here’s a breakdown of the price ranges:

• Lucid Air Pure: $87,400
• Lucid Air Touring: $107,400
• Lucid Air Grand Touring: $154,000

With such a high selling price, Lucid aims to tackle the luxury EV market and cater to higher income, high net worth individuals.

I use several sites such as Reddit CCIV, SeekingAlpha, LucidInsider, Lucid-Forumand DailyLucid to stay on top of the latest Lucid Motors news and analysis.

3. Choose an Investment Strategy

As of August 2nd, 2022, LCID stock trades around $20 per share. If you want have $100 to invest then you could buy 5 shares at current market prices.

If you have more money to invest then you could lump sum invest or dollar cost average.

Lump sum investing means buying all of your shares at once and hoping for the best. There is a chance LCID stock could fall much lower so you expose yourself to greater risk.

Dollar cost averaging means you invest smaller amounts on a regular schedule to reduce risk and perhaps get a better average cost per share.

Lump sum investing works best if you buy the bottom but dollar cost averaging works better if you plan to invest consistently over the long run.

4. Place an Order

Once you’ve opened a brokerage account and decided how much to invest, your next step is to place an order.

Here’s a chart of important terms to understand before placing your trade:

Term	Definiton
Quote	The current market price of a stock.
Ask	For buyers: The price that sellers are willing to accept for the stock.
Bid	For sellers: The price that buyers are willing to pay for the stock.
Spread	The difference between the highest bid price and the lowest ask price.
Market Order	An order to buy a stock ASAP at the current price.
Limit Order	An order to buy a stock ASAP only at a specific price or lower.
Stop (Loss) Order	If a stock rises to a fixed price, a buy order is triggered.
Stop Limit Order	If a stock rises to a fixed price, a limit order is triggered
Trailing Stop Order	If a stock rises above its lowest price by a specific amount, a buy order is triggered
Recurring Investment	Buy a certain amount of stock on a recurring schedule.

If you plan to own LCID stock for the long run then use a market or limit order to keep things simple.

LCID shares are available for purchase from 4am EST to 8pm EST Monday through Friday (except for holidays). Normal NASDAQ market hours are 9:30am to 4pm EST Monday through Friday. Different brokers have different premarket and afterhours trading windows so check your broker if you want to buy LCID stock outside of normal market hours.

5. Have an Exit Strategy

It’s important to establish an exit strategy before buying any stock.

Do you plan to hold LCID stock long term or sell it for short term gains?

For long term buy and hold investors, you will be better off HODLing LCID shares and staying on top of the latest news and updates.

For day traders, you are looking to profit from quick movements in the stock so buy LCID on high volume days or during earnings.

For swing traders, follow the QQQ closely and pick up LCID stock during bullish NASDAQ rallies. Stocks trade on earnings over the long run so be sure to lock in any profits before momentum runs dry.

If you sell for a profit then you will be subject to capital gains taxes. If you sell for a loss then you can reduce your tax bill using tax loss harvesting.

Consult with a financial advisor for more information on figuring out your tax situation.