Shares of Lucid Group (LCID) are up in today’s trading after the EV manufacturer announced a major upgrade to its DreamDrive Pro driver-assistance system. Starting on July 30, owners of the Lucid Air will receive an over-the-air update that adds Hands-Free Drive Assist and Hands-Free Lane Change Assist. The new features will also roll out to Lucid Gravity owners later this year.
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Users will be able to drive hands-free on certain divided highways and can even automatically change lanes when the driver activates the turn signal. Interestingly, DreamDrive Pro works by using a combination of 32 sensors that include LiDAR, radar, surround-view cameras, and ultrasonic sensors. This approach is completely opposite to that of Tesla (TSLA), which relies on camera-based vision due to CEO Elon Musk‘s belief that LiDAR and other sensors are too expensive.
However, it is worth noting that LiDAR is generally considered superior to Tesla’s system, especially in challenging weather conditions such as fog and heavy rain. As a result, Lucid has chosen the more expensive option in hopes of better reliability. In addition, Lucid owners can expect even more helpful features in the future, as executive Kai Stepper stated that the company’s in-house software and advanced sensor system allow it to regularly improve its vehicles with over-the-air updates.
Is LCID a Good Stock to Buy?
Turning to Wall Street, analysts have a Hold consensus rating on LCID stock based on seven Holds and one Sell assigned in the past three months, as indicated by the graphic below. Furthermore, the average LCID price target of $2.47 per share implies 5.8% upside potential.
