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Lucid (NASDAQ:LCID) Is Outpacing Luxury EV Competitors, According to CEO
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Lucid (NASDAQ:LCID) Is Outpacing Luxury EV Competitors, According to CEO

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The CEO made it clear that he isn’t concerned about future of the industry or consumer sentiment toward EVs.

Lucid Group (LCID) may be struggling right now, but according to CEO Peter Rawlinson, it is still outpacing many luxury EV market competitors. Rawlinson recently discussed Lucid’s progress and trajectory, describing his company as the “new leader” in the luxury electric vehicle space. The CEO made it clear that he isn’t concerned about the future of the industry or consumer sentiment toward EVs.

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His positive take comes as LCID stock continues to gradually decline, causing some financial experts to issue negative takes. But does this mean that investors should be wary of LCID stock or regard its current performance as a key buying opportunity? The question is worth a closer look.

What Is Happening with LCID Stock

Earlier this week, Lucid announced a public offering consisting of roughly 262.5 million shares. Since then, LCID stock has been falling and a quick rebound doesn’t appear likely. As of this writing, shares are down 5% for the day and almost 25% for the week.

It’s easy to see why things might not look good for Lucid right now. As Semafor reports, the company has only produced 9,000 EVs after projecting 90,000. That may be just a fraction, but in a recent interview, Rawlinson highlighted why he believes better days are ahead for the EV startup.

“The market is tough,” he notes. “[But] The actual sales numbers of EVs are increasing. It’s just that the rate of increase was not what we anticipated.” Rawlinson adds that Lucid’s sales are outpacing those of the Mercedes Benz Group (MBGYY) EQS and the Porsche Taycan from Porsche AG (DRPRY). As both models are luxury EVs from well-known automakers, this is a promising development for LCID stock.

Is It Time to Sell Lucid Stock?

Turning to Wall Street, analysts have a Hold consensus rating on LCID stock based on no Buys, seven Holds, and one Sell assigned in the past three months, as indicated by the graphic below. After declining 23% over the past year, the average LCID stock price target of $3.22 per share represents a 23.61% change from the current levels.

See more LCID analyst ratings

TipRanks reporter Marty Shtrubel recently took a look at some current analyst takes on Lucid. He notes that while share dilution has certainly driven prices downward, the average price target indicates that shares could rise by up to 20% over the coming year.

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