Earlier today, EV maker Lucid Motors (LCID) announced a multi-year partnership with Oscar-nominated actor Timothée Chalamet to make him the company’s first global brand ambassador. The deal will focus on promoting Lucid’s upcoming Gravity SUV and comes after reports that Chalamet was seen driving a Lucid Air sedan in 2023. Akerho Oghoghomeh, Lucid’s senior vice president of marketing, said that the partnership is meant to combine “innovation and cultural relevance” in order to highlight the company’s vision for electric vehicles.
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It is worth noting that Chalamet has become one of Hollywood’s most recognizable stars, thanks to films like the Dune series, Wonka, and A Complete Unknown. He also gets a lot of attention off-screen, whether it is for his fashion choices, public support of the New York Knicks, or relationship with Kylie Jenner. Lucid is hoping that this partnership will help bring more attention to its upcoming vehicles and strengthen its image in the competitive electric vehicle market.
Interestingly, this announcement comes after a similar move by American Eagle (AEO), which recently partnered with actress Sydney Sweeney. Indeed, that campaign created a wave of social media attention and briefly sent American Eagle’s stock higher. While the campaign created some controversy, it ultimately increased the brand’s visibility.
Is LCID a Good Stock to Buy?
Turning to Wall Street, analysts have a Hold consensus rating on LCID stock based on one Buy, seven Holds, and one Sell assigned in the past three months, as indicated by the graphic below. Furthermore, the average LCID price target of $3.19 per share implies 24.4% upside potential.
