Lucid Group Inc is a US startup that wants to compete with Tesla. On Tuesday the company’s representatives announced that they will start delivering electric vehicles that have a larger driving range than Tesla in late October.
Lucid is running a production preview this week. Media tour of its factory in Casa Grande, Arizona, for the first time. Customers, policymakers, and media not only have a chance to visit the factory and see Lucid’s technology and processes first-hand but will also be able to test-drive its first luxury sedan, the Lucid Air. The reaction should have a huge impact on the stocks.
Make sure you trade LCID.US when the market opens at 14:30 UTC. You can use up to 50x leverage for this asset.
The startup is based in Newark, California, was founded in 2007, and operated for years as Ateiva. They specialized in manufacturing energy storage as well as original equipment for other brands.
Lucid Group went public in February 2021 by a merger with Churchill Capital Corp IV. Since then the stocks have been widely volatile. The price went up to $64.86 in mid-February only to plummet to $20.40 two weeks later.
Yesterday, the manufacturer’s stocks lost -5.11%, let’s see how the market reacts to the news released when Nasdaq trading was closed.
Another interesting fact about Lucid Group is that Saudi Arabia is its majority owner. Being a major Tesla competitor and owned by the world’s biggest oil exporters make the stocks one of the most exciting assets.
Make sure you at least add this company to your watchlist not to miss some great trading opportunities it should offer in the nearest future.