Despite denying its nickname as the “Tesla killer,” electric vehicle manufacturer Lucid Motors (NASDAQ:LCID) has only added to its reputation as such. In fact, news that its debut Lucid Air won the MotorTrend’s 2022 Car of the Year award only adds to that promise.
However, in spite of the prestigious award, LCID stock is performing mildly. Shares are up less than 1% at the time of writing, as electric vehicle bulls are likely occupied with the other Tesla (NASDAQ:TSLA) rival, Rivian (NASDAQ:RIVN).
So what else should you know about this would-be catalyst for Lucid Motors now?
What Happened With LCID Stock?
Beating out the likes of the Porsche Taycan and Mercedes EQS, the Lucid Air Dream Edition has been called the best EV ever built. Considered a rival to Tesla’s luxury sedans, the Air is Lucid’s first and only vehicle for sale currently. The car itself is both new and exclusive.
Deliveries of the Air began just three weeks ago, and the company only predicts manufacturing 577 cars before year-end. However, if you’re one of the more than 13,000 reservation holders worry not! Lucid plans to ramp up production to 20,000 vehicles next year.
The top end of the Lucid Air line is the Dream, which boasts up to 1,111 horsepower and costs $169,000. LCID stock surged more than 45% in October, as EV bulls hope the momentum carries shares through the holiday season.
With All the Good News, Why Is Lucid Stagnant?
With Lucid touting this prestigious award, why is LCID stock not soaring today?
Electric vehicles have been the talk of the town for quite a bit, and with estimates of topping 31.1 million EV sales by 2030, for good reason. Every EV startup is starry-eyed with dreams of becoming the next Tesla. Few have even the distinct possibility.
On that note, it isn’t possible for investors to be two places at once. This appears to be the logic behind Lucid’s subdued gains today, as major competitor Rivian continues to burn the midnight oil.
Starting its first full week of trading, Rivian, considered among the elite in EV startups, is hogging the spotlight. After a blistering initial public offering last week, RIVN stock continues to soar, currently trading up more than 8% to open the week.
At around one-fourth the per-share cost, Lucid isn’t even at its all-time high amid glowing reviews. Time will tell if the markets will properly respond to the bullish forces at play. But for now, the future looks bright for the Car of the Year manufacturer.
On the date of publication, Shrey Dua 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 InvestorPlace.com Publishing Guidelines.