Lucid Motors is an American electric car company based in California. Although the company has not yet produced a car for sale, it is drawing very close to doing so, with its Lucid Air available to reserve on the website with a starting price of $69,900 for the basic edition.
This new car is expected to have more than a 500-mile range with a horsepower of 1,080. The comparable Tesla Model S only has a range of 390 miles, whilst its peak power is 1,020 hp.
With this bullet in its chamber, Lucid Motors is ready to enter the EV game as a hotly anticipated player. As such it has also made preparations to go public via a SPAC. So we decided to see if investors can buy Lucid Motors stock today, before the hype around this company inevitably pushes the price higher.
What is the Lucid Motors stock symbol?
Lucid Motors has opted to trade under the ticker symbol LCID. This will only occur once the merger with Churchill Capital Corp IV (NYSE: CCIV) is completed.
When can I buy Lucid Motors stock?
Lucid Motors is expected to begin trading on July 23 according to a recent filing once it has completed its merger with Churchill Capital Corp. For now, you can buy CCIV shares, which will be converted to ‘LCID’ shares after the merger.
How much does CCIV cost now?
Churchill Cap Corp currently costs around $24 per share. It went public in September 2020, trading at $10 per share. It peaked in February at $58 as many investors started to speculate on who the company would merge with. On the 22nd of February, Lucid motors and Churchill announced that the companies would merge in a SPAC deal. The share price dropped 38% once the announcement was made as analysts and investors alike were put off by the $12 billion valuation for a company that is yet to receive any revenue other than reservation deposits.
Lucid Motors’ financials
As stated previously, Lucid Motors does not yet make revenue as it has not sold any cars; although it does take reservation deposits. However, the second half of this year should see its Dream edition of the Lucid Air vehicle being released. This car is now fully reserved for 2021 and well into 2022. The Lucid Air Dream carries a price tag of $169,000, meaning that revenue will be incoming in large amounts once they have been shipped.
By the end of 2021, Lucid Motors aims to have delivered 577 vehicles as stated in the merger announcement, and revenue is expected to be around $97 million. Overall, revenue is guaranteed well into 2022, as over 9,000 vehicles have been reserved – this will pick up with time.
Lucid Motors’ future potential
Since the announcement of the merger back in February, Lucid Motors has been building up its retail space, with new locations opening in New York, Illinois, Arizona, and California. With this increased visibility in the retail and services space, it is a brand that is likely to become as popular as other EV-makers have been.
Looking further into the future, the EV company is aiming to be a market leader in its battery technology. It is already about to release a car that can drive more than 500 miles. Its storage solutions can create an uncapped potential in the powertrain technology licensing market.
Currently, the company has over $800 million in expected sales as per the reservations that they have received. Once its first batch of cars is delivered, then this revenue is likely to increase as the knowledge that people can buy a high-end product that can rival Tesla will be a big draw for car enthusiasts and electric vehicle converts alike.
Indeed, the carmaker is enthusiastic about its growth and it expects to be delivering over 250,000 vehicles in 2026 which would be an approximate $22.8 billion in revenue for the year. Whilst this seems like it could be a bit overly ambitious, Lucid has plans in place to begin producing a new luxury SUV by 2023 that aims to ‘maximize interior space by cleverly packaging the miniaturized, yet powerful Lucid electric drivetrain’.
Although ambitious, this company has a good runway for growth in the EV market, with a particular focus on luxury which will make it stand out from the crowd.
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Contributing Writer at MyWallSt
Poppy likes companies that go the extra mile. Her favorite stock is Amazon because she is fond of its innovation, variety, and creative solutions to sustainability.