If you’re shopping for a new electric vehicle (EV), the list of enticing options is quickly expanding. But cutting-edge startup Lucid Motors (NASDAQ:LCID) is about to debut one of the year’s most exciting new models. It has revealed the final specifications for the 2024 Lucid Air Sapphire, a luxury EV sedan created to rival Tesla’s (NASDAQ:TSLA) Model S Plaid. Shortly after reducing the prices of its Lucid Air models, the company is poised to roll out its newest project. Lucid has described its latest edition as “the world’s first fully electric luxury super-sports sedan.” LCID stock is down today, along with many of its EV peers. But that doesn’t mean investors should overlook this important announcement. The Sapphire is poised to boost sales in the coming quarter.

As LCID stock has trended downward lately, experts such as Louis Navellier have soured on it, advising investors to stay away. But as InvestorPlace contributor Larry Ramer reports, the EV producer still boasts a strong cash balance and a high valuation. Now Lucid is gearing up to continue its mission of taking on Tesla with the debut of its answer to the Tesla Model S Plaid. This new EV player comes with plenty of exciting features. Let’s take a look at what aspiring buyers can expect.

LCID Stock and the Lucid Air Sapphire

Here are the most important things that LCID stock investors should know about this new addition to the Lucid product line as the Air Sapphire prepares to hit the road.

1. The Lucid Air Sapphire is available for purchase now, with prices starting at $250,500. Vehicle deliveries are scheduled to begin in September.
2. The Air Sapphire can reach 60 miles per hour (mph) in less than two seconds. This comes from an impressive 1,234 horsepower and 1,430 lb-feet of torque. Its top speed is 205 mph, whereas the Tesla Model S Plaid can only reach 200 mph.
3. Lucid first displayed the Air Sapphire at the Monterey Car Week in California. Anticipation for the vehicle has been building ever since.
4. The Lucid Air Sapphire comes with a 900-volt charging system and an EPA-estimated range of 427 miles.
5. It also boasts advanced features for autonomous driving. Electrek reports that “DreamDrive Pro, Lucid’s advanced driver assistance system, with 30+ features and future-ready hardware, including the first automotive LIDAR in North America.”
6. Lucid’s in-house team has developed the Air Sapphire’s torque vectoring control algorithms and traction control to add to the driving experience.
7. In December 2022, the Lucid Air Sapphire defeated several similar vehicles in a quarter-mile race, finishing in only 9.1 seconds. Its competitors included a Tesla Model S Plaid, a Bugatti Chiron and a Ducati motorcycle.

On the date of publication, Samuel O’Brient did not hold (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.