Electric vehicles have the potential to completely change transportation globally. Few countries have slowly begun to cut carbon emissions in order to help the environment. There has been rapid growth in the electric vehicle market, and it will continue to grow as electric vehicles become more popular and more common around the world.
Lucid Motors is an American electric vehicle manufacturer founded in 2007. The company originally started off building EV batteries through other manufacturers. In 2016, the company rebranded itself as Lucid Motors with the intention of producing high-performance electric vehicles. In 2019, Peter Rawlinson, who was the former VP of Engineering at Tesla, became the CEO of the company. The company started to build its first all-electric Air sedans in September 2021 and started to deliver them to its customers in late October. The Lucid Air cars have a range of 520 miles on a single charge, nearly 100 miles more than Tesla’s vehicles. Lucid is also collaborating with Amazon in order to incorporate Amazon’s voice assistant “Alexa.” This would allow drivers to use the voice assistant for navigation, phone calls, media streaming, smart home control, and other activities.
Lucid went public in July 2021 through a SPAC deal with Churchill Capital Corp IV. A SPAC deal is also called a special purpose acquisition company. This type of company is set up by investors with the purpose of raising money through an IPO to eventually acquire another company. SPAC mergers allow a company to go public more quickly than a standard IPO would.
Lucid expects to produce more than 500,000 vehicles per year by 2030. By 2022, the company is expecting to offer a version of their Lucid Air vehicle at $77,400, which would directly compete with several Tesla models. They also plan to create less expensive models of cars in the $40,000 to $45,000 range. The company seems to be following Tesla’s route as both companies have many similarities.
Currently, the LCID stock has a market cap of $65.96 billion. It has a volume of 62.31 million, which refers to the number of shares traded in a stock. The company has 1.6 billion shares outstanding, referring to the company’s stock that is currently held by all of its shareholders. There is no PE ratio because the company currently has no profits. According to the company’s S-1, the company expects to have a revenue of $14 billion by 2025, with a $630 million net income. S-1 forms are used by companies that plan to go public and have to register their securities with the US Securities and Exchange Commission.
Lucid stock may be following in Tesla stock’s footsteps. In January 2020, Tesla closed at $130.11. At the beginning of November, the stock closed at roughly $1,228. Analysts say that Tesla’s stock is overvalued, but shareholders have not listened and the stock has continuously increased. Lucid stock is also seeing some drastic changes in price. The stock shot up from $27.01 on October 27 to $36.92 the next day. However, since the company does not have any earnings, a lot of these numbers come from speculation. Electric vehicles are the future. Few countries have reduced emissions, however, the number of countries that have started to make changes to reduce emissions is growing. Lucid Motors is a company to look out for in the future.
