After months of struggling, one electric vehicle (EV) innovator may be on the verge of a comeback. Lucid Group (NASDAQ:LCID) recently revealed some key details of its highly anticipated 2024 Lucid Air Grand Touring. Known for producing visually appealing luxury EVs, Lucid isn’t changing up its modus operandi with its newest model. The 2024 edition of the popular Lucid Air is geared toward helping customers reach their destination faster and charge more quickly along the way. News of these details has boosted LCID stock today, which has been trending upward since markets opened. After months of slowly bleeding value, Lucid could certainly use the positive momentum.
Does this mean that LCID stock is finally on track to snap its losing streak? The company has a long road ahead of it, but this new vehicle will likely be an important step in the right direction. Let’s dive into the details of Lucid’s newest offering.
What’s Happening With LCID Stock
Many experts have lost faith in LCID stock over the past year. With shares down more than 40% year-to-date (YTD), it’s not hard to see why. The electric vehicle market is still highly volatile, and competition is rising. Meanwhile, the list of problems facing fellow EV startup Fisker (OTCMKTS:FSRN) continues to cast dark shadows over its peers.
That said, the 2024 Lucid Air Grand Touring has plenty to offer buyers. It comes with an enhanced range that won’t be impacted by cold temperatures and 15%-30% faster charging. For consumers looking to purchase a luxury electric sedan, Lucid’s newest offering will be tempting. CEO and CTO Peter Rawlinson is optimistic about what this new EV will mean for Lucid’s customers:
“The Air Grand Touring is our longest-range car – in fact the longest-range EV available today,” he notes – “And is now further optimized with a multitude of powertrain updates, including the Air Sapphire heat pump. The Air Grand Touring has retained its 516-mile range estimate, achieving this despite more-stringent EPA testing. More importantly, it delivers improved range and efficiency in a broader range of everyday, real-world conditions.”
All this suggests that the 2024 Lucid Air edition will be the growth driver that its maker needs to pull back into the EV race. While the EV market is growing increasingly crowded, Lucid is still a trendy startup with visually appealing cars. For anyone not seeking a Tesla (NASDAQ:TSLA) vehicle, its cars are a logical choice.
The fact that LCID stock is reacting well to these updates should be a positive sign for investors. The struggling EV stock remains a highly speculative play. But Lucid still has more room to run than most of its EV penny stock peers, such as Fisker of troubled meme stock Mullen Automotive (NASDAQ:MULN).
With the 2024 Lucid Air Grand Touring poised to make a splash, investors should keep an eye on LCID stock. It isn’t dead yet, and it could still come back.
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.
