Headquartered in California, electric vehicle (EV) manufacturer Lucid Group (NASDAQ:LCID) is expanding its market presence in the U.S. Also, one of Lucid’s EVs outstripped the competition in a notable production-vehicle race. These are positive signs for the company and for LCID stock as high oil prices put EV makers in the driver’s seat.

CoPilot CEO Pat Ryan put it best: the EV market is “on fire.” The demand for electric cars could continue to heat up as drivers feel the pain at the gas pumps. Furthermore, it’s been reported that search-engine interest in electric vehicles is on the rise.

What about investor interest, though? It appears that there’s been a delay between the public’s enthusiasm for electric cars and buying pressure among some EV stocks lately. Indeed, Lucid’s shareholders might wonder how much longer it will take for the buyers to step in.

Yet, patience could pay off as Lucid’s busy expanding into key local U.S. markets, and producing cars with astounding power and speed.

What’s Happening with LCID Stock?

With LCID stock drifting near the $20 level recently, bullish traders might fantasize about a swift rally to the 52-week high of $57.75. However, it’s all about the baby steps and Lucid’s shareholders should consider this a marathon, not a sprint.

For 2022’s second half, $25 and $30 are reasonable price objectives and would already represent sizable returns from the current stock price. Ideally, Lucid’s shares should gain value as the company continues to expand its market footprint.

There’s ample evidence that this is happening right now. For instance, Lucid recently opened the company’s first Studio location in Denver, Colo. Lucid’s Studio locations aren’t your run-of-the-mill auto shops, mind you. They’re designed to provide a “digitally oriented luxury experience tailored to each customer’s preferences.”

Additionally, Lucid established its first retail location in the Pacific Northwest at University Village in Seattle, Wash. With that, Lucid had 28 Studio and service center locations open in North America. 

Built for Speed

Lucid’s cars are known for their sleek design and fast charging. Yet, let’s not neglect to consider how fast these EVs can actually get.

This point was dramatically proven on the day when the Lucid Air Grand Touring Performance made its first public appearance. Amazingly, that vehicle won the title of fastest production car in the Hillclimb Timed Shootout at the 2022 Goodwood Festival of Speed.

Driver Ben Collins recorded a Hillclimb time of 50.79 seconds with the 1,050-horsepower Lucid Air Grand Touring Performance. Overall, this vehicle finished 12th in a competition field of 65 vehicles. Lucid also displayed its Air Dream Edition Performance and Air Grand Touring models at the event.

What You Can Do Now

It’s astounding to consider that Lucid showed up to an event for the first time and outran the competing vehicles in a race. It just shows that today’s EVs can be surprisingly fast even while they’re sleek and luxurious.

So, don’t count Lucid out of the rate even if the share price is still drifting. High oil prices, along with Lucid’s geographic expansion, could fuel a long-term rally in LCID stock.

On the date of publication, neither Louis Navellier nor the InvestorPlace Research Staff member primarily responsible for this article held (either directly or indirectly) any positions in the securities mentioned in this article.