In a whirlwind of excitement earlier this month, shares of renowned electric vehicle (EV) manufacturer Lucid Motors (NASDAQ: LCID) attained fresh heights. The surge was fueled by a groundbreaking partnership with auto giant Aston Martin and audacious statements from Lucid’s CEO, Peter Rawlinson, outlining the company’s determination to take on Tesla with two upcoming vehicle launches.
But the euphoria was short-lived, as Lucid’s share price has since taken a downward trajectory, primarily due to lackluster Q2 delivery and production figures in the face of diminishing demand.
However, the California-based carmaker captured the attention of EV investors and enthusiasts once again on July 27, after showing “the most powerful sedan in the world” coming off the assembly line at its factory in Casa Grande, Arizona.
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Lucid’s $250,000 Air Sapphire ‘will be available soon’
The EV investors turned their heads on Thursday after Lucid said posted a tweet on Thursday, saying its long-awaited Lucid Air Sapphire, the ultra-high performance EV, “will be available soon.”
The announcement was posted along with a picture of the $250,000 Air Sapphire, photographed in the company’s Arizona facility.
This super powerful electrified monster vehicle has more than 1,200 horsepower, putting it significantly ahead of Tesla’s (NASDAQ: TSLA) most powerful car, Tesla’s Model S Plaid. Specifically, the Lucid Air Sapphire carries almost 200 more horsepower than Model S Plaid, allowing it to go from 0 to 60 mph in less than 2 seconds.
The automaker said Air Sapphire represents just the beginning and an “entirely new performance-focused brand within Lucid.” The company previously said the new EV sedan would be available as a limited-production model, with plans to initially launch the car in the US and Canada in the first half of 2023. Air Sapphire’s prices start at $249,000 and CAD 325,000, respectively.
What does this mean for Lucid stock?
At the time of publication, shares of Lucid were standing at $6.89, down 3.91% in the past 24 hours.
Over the past month, the EV stock is still up around 19%, although it lost most of its gains after the company reported worse-than-expected Q2 delivery and production figures.
Although Wall Street analysts exercised caution in the wake of Lucid’s concerning report, citing tepid demand for its vehicles, the US EV maker could reignite investors’ interest with the groundbreaking 2023 Lucid Air Sapphire.
Last week, DNB Asset Management, the asset manager of Norway’s biggest bank, doubled its stake in LCID to 133,684 shares in Q2, suggesting a potentially growing optimism around the stock.
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